---
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"
generated_at: "2026-05-16T12:10:03.728696+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ScanTech AI Systems issues $270,900 convertible note to Vanquish with 10% interest and 75% conversion discount

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-124882
- JSON: https://secwatch.observer/filing/0001104659-25-124882.json
- Plain text: https://secwatch.observer/filing/0001104659-25-124882.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm
- Equity Issuances
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.