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.

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