Silverback asserts default on $1M note; cross-default may affect $1.5M note

ScanTech AI Systems Inc.

Silverback claims missed quarterly interest payment on $1M promissory note (15% annual rate) constitutes Event of Default.
Silverback asserts outstanding principal as $1,112,500 as of Oct 23, 2025, including capitalized interest.
Cross-default clause in separate $1.5M note with 340 Broadway/SPCC could trigger 18% default interest and higher conversion discount.
Company disputes the assertions and is reviewing the notice and related agreements.

item 1.02item 2.04

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.