Mars Acquisition, a blank check company targeting the technology innovations market, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive two-tenths of a share upon the completion of an initial business combination. The company had previously filed to offer 7.5 million units at the same price, with each unit containing one right to receive one-tenth of a share, and one-half of a warrant, exercisable at $11.50. At the revised deal size, Mars Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO, CFO, and Director Karl Brenza, former Senior Managing Director of Investment Banking for Paulson Investment Company; COO and Director Iris Zhao, the CIO of Future Fintech Group (Nasdaq: FTFT); and Chairman Shanchun Huang, the CEO of Future Fintech Group. Zhao and Huang are spouses.
The company plans to target businesses in crypto-currency and block-chain, electronic vehicles, healthcare technology, financial technology, cleantech, specialty manufacturing, big data and artificial intelligence, and any other related technology innovations market.
Mars Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MARXU. Maxim Group LLC is the sole bookrunner on the deal.
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