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].
Mars Acquisition (MARX) - 2023 Q4 - Annual Report