ScanTech AI Systems Inc. (STAI): debt financing — ScanTech AI Systems enters $2.85M unsecured promissory note with St. James Bank at 12% interest, due Oct 2025

ScanTech AI Systems Inc.

Entered $2,850,000 unsecured promissory note with St. James Bank at 12% annual interest, maturing October 25, 2025.
Company has option for up to two 180-day extensions; may pay extension amount in cash, shares at $9.87 per share, or combination.
Settlement agreement terminated original loan; also amended Aegus bridge note, terminating it and issuing 360,000 shares.
Shares issued under note and amendment are unregistered, sold under Section 4(a)(2) exemption.

item 1.01 item 1.02 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ScanTech AI Systems Inc. incurred loan of $2,850,000 with St. James Bank and Trust Company Ltd. at annual interest rate of 12.0% maturing October 25, 2025.

Instrument: loan
Principal: $2,850,000
Counterparty: St. James Bank and Trust Company Ltd.
Rate: annual interest rate of 12.0%
Maturity: October 25, 2025
Event: incurrence

Exact text from the filing

On April 25, 2025, ScanTech AI Systems Inc. (the “Company”) and St. James Bank and Trust Company Ltd. (“St. James”) entered into an unsecured promissory note (the “Promissory Note”) pursuant to which St. James agreed to loan the Company $2,850,000 at an annual interest rate of 12.0% with a maturity date of October 25, 2025

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Source: SEC EDGAR

accession 0001104659-25-043554

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