Business Combination between ScanTech Identification Beam Systems, LLC and Mars Acquisition Corp. closed on January 2, 2025 Trading of common stock of the new public company, ScanTech AI Systems Inc., will commence on Nasdaq on January 3, 2025 under the ticker symbol “STAI” NEW YORK, Jan. 02, 2025 (GLOBE NEWSWIRE) -- ScanTech AI Systems Inc. (“ScanTech AI”), today announced the successful closing of its previously announced business combination (the “Business Combination”) between ScanTech Identification ...

NEW YORK, Nov. 20, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Mars Acquisition Corp. (NASDAQ: MARX), relating to the proposed merger with ScanTech AI Systems Inc. Under the terms of the agreement, Mars' public shareholders will own approximately 42% of ...

Financial Performance and Revenue - Mars Acquisition Corp has not generated any operating revenues to date and does not intend to until after the completion of the Business Combination[97] - For the three months ended June 30, 2024, the company incurred expenses of $322,770[98] - The company completed its IPO on February 16, 2023, generating gross proceeds of $69,000,000 from the sale of 6,900,000 Units[99] - As of June 30, 2024, there is approximately $22,836,871 in cash held in the Trust Account[100] - The company received $345,000 in non-interest bearing loans from affiliates of the Sponsor for working capital purposes on March 31, 2024, and April 30, 2024[101][102] Business Combination and Extensions - The company extended the deadline to complete the Business Combination from February 16, 2024, to November 16, 2024[100] - The company entered into non-redemption agreements with several unaffiliated third parties, resulting in 1,813,380 ordinary shares not being redeemed[111] Accounting and Financial Reporting - The company accounts for forward purchase agreements as liability-classified instruments under FASB ASC 480[112] - The company accounts for convertible promissory notes under ASC 815, using the fair value option[113] - Financial statements are materially accurate despite identified material weaknesses[117] - No material misstatement in previous financial statements due to material weaknesses[117] Internal Controls and Material Weaknesses - Material weaknesses in internal controls over financial reporting identified as of June 30, 2024[116] - Disclosure controls and procedures were not effective as of December 31, 2023 due to material weaknesses[115] - Company will continue to review and develop internal control framework[117] - No significant changes in internal control over financial reporting during the most recent fiscal quarter[118] - CEO and CFO evaluated disclosure controls and procedures as of June 30, 2024[115] - Material weaknesses related to deficiency in design and operation of financial accounting and reporting controls[116] - No assurance that material weaknesses will not impact future financial statements[117] Going Concern and Financial Stability - There is substantial doubt about the company's ability to continue as a going concern within one year after the date the financial statements are issued[103] Leadership and Reporting - Report signed by CEO Karl Brenza on August 14, 2024[121]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41619 Mars Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other ju ...

BUFORD, Ga, April 17, 2024 (GLOBE NEWSWIRE) -- ScanTech Identification Beam Systems, LLC ("ScanTech"), an innovator of next-generation 'fixed-gantry' computed tomography (CT) screening systems, based in Metro-Atlanta, Georgia, today announced its participation in the world's leading conference dedicated to airport passenger terminals in Frankfurt, Germany, the Passenger Terminal Expo 2024. ScanTech will be exhibiting and displaying its Sentinel ‘Fixed-Gantry' CT scanning system to the world's airport opera ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41619 Mars Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other ...

IPO and Capital Raising - Mars Acquisition Corp. completed its IPO on February 16, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units[134]. - An additional $3,910,000 was generated from a Private Placement of 391,000 Units at $10.00 per Unit[135]. - Following the IPO, $70,380,000 was placed in the Trust Account, equating to $10.20 per Unit, to be used for the Business Combination[136]. Financial Performance and Expenses - For the year ended September 30, 2023, Mars incurred expenses totaling $521,582 related to public company operations and due diligence on business combination candidates[138]. - The company does not expect to generate operating revenues until after the completion of the Business Combination[132]. Equity and Debt - As of September 30, 2023, the Ordinary Shares subject to possible redemption are presented at a redemption value of $10.52 per share, classified as temporary equity[152]. - Mars has no long-term debt obligations or off-balance sheet financing arrangements as of September 30, 2023[143][144]. Going Concern and Future Capital Needs - The company may need to raise additional capital if unable to complete the Business Combination by February 16, 2024, potentially extending the deadline to August 16, 2024[141]. - There is substantial doubt about Mars' ability to continue as a going concern within one year after the issuance of the financial statements[142]. - The funds held outside the Trust Account may not be sufficient for Mars to operate for at least the next 12 months[140].

Financial Performance - The company has incurred expenses totaling $391,047 for the nine-month period ended June 30, 2023[99]. - The company has a net increase of $237,945 in cash activity for the nine months ended June 30, 2023[112]. Fundraising Activities - The Initial Public Offering (IPO) generated gross proceeds of $69,000,000 from the sale of 6,900,000 units[100]. - A private placement generated total proceeds of $3,910,000 from the sale of 391,000 units at $10.00 per unit[101]. - Following the IPO, $70,380,000 was placed in the Trust Account, equating to $10.20 per unit[102]. Future Financial Expectations - The company expects to incur approximately $200,000 for legal, accounting, and due diligence expenses related to business combinations[108]. - The company does not expect to raise additional funds following the IPO to meet operating expenditures prior to the initial business combination[110]. Financial Position and Concerns - As of June 30, 2023, ordinary shares subject to possible redemption are presented at a redemption value of $10.38 per share[121]. - The company does not have any long-term debt obligations or liabilities[113]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[111].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41619 Mars Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41619 Mars Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other ...