secwatch.observer — SEC 8-K summary
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Issuer:     ScanTech AI Systems Inc. (STAI)
CIK:        0001994624
Form:       8-K
Filed at:   2025-12-29T23:59:59+00:00
Accession:  0001104659-25-124882
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/0001104659-25-124882-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1994624/000110465925124882/tm2534430d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-124882

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