ScanTech AI Systems Inc. (STAI): debt financing — ScanTech AI Systems issues $270,900 convertible note to Vanquish with 10% interest and 75% conversion discount

ScanTech AI Systems Inc.

Principal amount $270,900 with $12,900 original issue discount; annual interest 10%; matures Oct 22, 2026.
Conversion price set at 75% of average of two lowest trading prices in ten days preceding conversion; 4.99% beneficial ownership cap.
Prepayment option: 120% of balance if within 90 days, 125% if within 91-190 days; default amount is 150% plus 22% default interest.
Company may not issue shares exceeding 19.99% of outstanding without stockholder approval per Nasdaq rules.
Proceeds for general working capital; company reimbursed $8,000 of lender's expenses.

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 convertible notes of up to $270,900 with Vanquish Funding Group Inc. at 10% maturing October 22, 2026.

Instrument: convertible notes
Principal: up to $270,900
Counterparty: Vanquish Funding Group Inc.
Rate: 10%
Maturity: October 22, 2026
Event: incurrence

Exact text from the filing

the Company issued a convertible promissory note (the “Note”) to Vanguish with a total principal amount of up to $270,900. The Note bears interest at an annual rate of 10% and matures on October 22, 2026

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

ScanTech AI Systems Inc. issued convertible note to Vanquish Funding Group Inc. for total principal amount of up to $270,900.

Security: convertible note
Purchaser: Vanquish Funding Group Inc.
Consideration: total principal amount of up to $270,900

Exact text from the filing

On December 22, 2025, ScanTech AI Systems Inc. (the “Company”) and Vanquish Funding Group Inc. (“Vanquish”) entered into a securities purchase agreement (the “Agreement”). Pursuant to the terms of the Agreement, the Company issued a convertible promissory note (the “Note”) to Vanguish with a total principal amount of up to $270,900.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ScanTech AI Systems Inc. entered into Agreement with Vanquish Funding Group Inc. valued at up to $270,900 (effective 2025-12-22).

Action: entry
Agreement: equity purchase
Counterparty: Vanquish Funding Group Inc.
Value: up to $270,900
Effective: 2025-12-22

Exact text from the filing

On December 22, 2025, ScanTech AI Systems Inc. (the “Company”) and Vanquish Funding Group Inc. (“Vanquish”) entered into a securities purchase agreement (the “Agreement”).

View on SEC.gov

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ScanTech AI Systems Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-124882

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