ScanTech AI faces default claims from two noteholders; $2.7M at risk

ScanTech AI Systems Inc.

SPCC asserts Event of Default on $1.5M senior secured note; claims mandatory repayment of $1,625,883 as of Oct 10, 2025.
SPCC asserts default interest at 18% p.a. since Sep 11; conversion discount rises from 20% to 45% on future conversions.
Polar asserts that failure to register shares by Aug 1 voids settlement; $1.25M note now due at 18% default interest.
Company disputes both notices and reserves right to contest; unable to resolve could materially affect liquidity.
Board approved amended bylaws; quorum set at one-third voting power; annual meeting set for Nov 21, 2025.

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