{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-124882","form_type":"8-K","ticker":"STAI","cik":"0001994624","company_name":"ScanTech AI Systems Inc.","filed_at":"2025-12-29T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.238627+00:00","generated_at":"2026-05-16T12:10:03.728696+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"ScanTech AI Systems issues $270,900 convertible note to Vanquish with 10% interest and 75% conversion discount","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-124882","json":"https://secwatch.observer/filing/0001104659-25-124882.json","markdown":"https://secwatch.observer/filing/0001104659-25-124882.md","text":"https://secwatch.observer/filing/0001104659-25-124882.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/tm2534430d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T12:10:03.728696+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"cb6e71fd42930ab24be4763ccf296855598fd9cb","claim":"ScanTech AI Systems Inc. incurred convertible notes of up to $270,900 with Vanquish Funding Group Inc. at 10% maturing October 22, 2026.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"up to $270,900"},{"label":"Counterparty","value":"Vanquish Funding Group Inc."},{"label":"Rate","value":"10%"},{"label":"Maturity","value":"October 22, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"000543233940a0f363b21e8c10cb572f8a5d8fc0","claim":"ScanTech AI Systems Inc. issued convertible note to Vanquish Funding Group Inc. for total principal amount of up to $270,900.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm","confidence":0.9,"family_label":"Equity Issuances","details":[{"label":"Security","value":"convertible note"},{"label":"Purchaser","value":"Vanquish Funding Group Inc."},{"label":"Consideration","value":"total principal amount of up to $270,900"}],"fact_type":"equity_issuance"},{"claim_id":"a8f5e30da5bd39225fbbde84028151b10b64e3cd","claim":"ScanTech AI Systems Inc. entered into Agreement with Vanquish Funding Group Inc. valued at up to $270,900 (effective 2025-12-22).","evidence_excerpt":"On December 22, 2025, ScanTech AI Systems Inc. (the “Company”) and Vanquish Funding Group Inc. (“Vanquish”) entered into a securities purchase agreement (the “Agreement”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Vanquish Funding Group Inc."},{"label":"Value","value":"up to $270,900"},{"label":"Effective","value":"2025-12-22"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}