secwatch.observer — SEC 8-K summary
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Issuer:     ScanTech AI Systems Inc. (STAI)
CIK:        0001994624
Form:       8-K
Filed at:   2025-07-10T23:59:59+00:00
Accession:  0001104659-25-066781
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ScanTech AI Systems enters $1.5M secured note with 340 Broadway Holdings
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- Promissory note up to $1.5M, 15% annual interest, matures July 3, 2026.
- Initial closing on July 7, 2025 funded $250,000; net proceeds $240,000 for corporate purposes.
- 2,095,531 Origination Shares issued to lender; additional shares issuable on conversion.
- Conversion price at 80% of average three lowest trading prices over five days, minimum $0.2051/share.
- Mandatory prepayment at 150% of principal plus interest; event of default includes >50% price drop.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1994624/000110465925066781/0001104659-25-066781-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1994624/000110465925066781/tm2520225d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-066781

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer