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. reported a default on debt of $1,250,000 with Polar Multi-Strategy Master Fund at 18% per annum.
- Principal
- $1,250,000
- Counterparty
- Polar Multi-Strategy Master Fund
- Rate
- 18% per annum
- Event
- default
Exact text from the filing
into a subscription and settlement agreement (the “Polar Subscription and Settlement Agreement”) related to a promissory note dated December 31, 2024 with a principal amount of $1,250,000 (the “Polar Note”). On October 10, 2025, the Company received correspondence (the “Polar Notice”) from Polar that asserted that, because certain shares of the Company’s common
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
ScanTech AI Systems Inc. reported a default on senior notes of up to $1,500,000 with Southern Point Capital Corporation at 15% per annum, default rate 18% maturing July 3, 2026.
- Instrument
- senior notes
- Principal
- up to $1,500,000
- Counterparty
- Southern Point Capital Corporation
- Rate
- 15% per annum, default rate 18%
- Maturity
- July 3, 2026
- Event
- default
Exact text from the filing
3, 2025, pursuant to the terms of which the Company issued a senior secured promissory note (the “340 Broadway/SPCC Note”) to 340 Broadway with a total principal amount of up to $1,500,000 which bears interest at an annual rate of 15% and matures on July 3, 2026. 340 Broadway subsequently assigned a portion of the 340 Broadway/SPCC Note to Southern Point Capital
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Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
ScanTech AI Systems Inc.: Approved First Amended and Restated Bylaws, changing quorum requirement to one-third voting power, updating stockholder proposal and director nomination procedures, and allowing board size to be fixed by majority of directors then in office (effective 2025-10-13).
- Change
- bylaw amendment
- Effective
- 2025-10-13
Exact text from the filing
The Amended and Restated Bylaws were amended to, among other revisions, (i) generally provide that a quorum at any meeting of stockholders is at least one-third in voting power of the outstanding shares of capital stock entitled to vote, present in person or represented by proxy, (ii) update how stockholders are to submit proposals or director nominations, and (iii) generally provide that the total number of directors constituting the Board shall be fixed from time to time by resolution of a majority of the directors then in office.
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