ScanTech AI Systems Inc. — fact timeline

ScanTech AI Systems Inc. received a nasdaq delisting notice notice regarding other (rules 5250(c)(1), 5450(b)(2)(A)).

“February 6, 2026, the Company received a delisting letter (the “Delisting Letter”) notifying the Company of the Nasdaq Hearing Panel’s (the “Panel”) determination to deny the Company’s request to continue its listing on the Nasdaq Global Market. The Panel determined the Company to be in violation of Listing Rules 5250(c)(1) and 5450(b)(2)(A), the Periodic Filing Rule, and the MVLS Rule, respectively. As previously disclosed, the decision was based on the hearing of the Panel held on January 22, 2026. Trading in the Company’s securities will be suspended at the open of trading on February 10, 2”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(C)).

“February 4, 2026, ScanTech AI Systems Inc. (the “Company”) received a deficiency letter (the “MVPHS Notice”) from Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon Nasdaq’s review of the Company’s market value of publicly held shares (“MVPHS”) for previous 30 consecutive business days ended February 3, 2026, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(C) to maintain a MVPHS of at least $15 million (the “MVPHS Requirement”). In accordance with Nasdaq rules, the Company was provided 180 calendar days”

ScanTech AI Systems Inc. issued 350,000 shares of common stock to Maximcash Solutions LLC for total discharge amount of $608,997.31 of indebtedness.

“the Company and its respective representatives from and against any and all claims arising out of or relating to the Loan Agreement, including the total discharge amount of $608,997.31 of indebtedness allegedly owed to Maximcash. Further, the Settlement Agreement will act to terminate and cancel the Loan Agreement and all related promissory notes, security”

ScanTech AI Systems Inc. entered into Settlement of Indebtedness with Maximcash Solutions LLC valued at $608,997.31 (effective 2026-02-02).

“On February 2, 2026, ScanTech AI Systems Inc. (the “Company”) entered into a Settlement of Indebtedness (the “Settlement Agreement”) with Maximcash Solutions LLC (“Maximcash”) to resolve Maximcash’s allegations resulting from alleged defaults pursuant to the Business Loan and Security Agreement (the “Loan Agreement”), dated May 14, 2025 by and between the Company and Maximcash.”

ScanTech AI Systems Inc. engaged Carr, Riggs & Ingram, LLC as its auditor.

“Company”) was notified that Carr, Riggs & Ingram, LLC (“CRI”) acquired, effective as of January 1, 2026, certain assets related to the capital markets practice of Berkowitz Pollack Brant Advisors + CPAs, LLP (“BPB”). On January 14, 2026, the Audit Committee of the Company’s Board of Directors simultaneously dismissed BPB as the Company’s independent registered public accounting firm and approved the appointment of CRI as the Company’s independent registered public accounting firm. As previously disclosed, on October 6, 2025, the Company previously appointed BPB to serve as the Company’s independent registered public accounting firm. BPB did not issue any report during the period of its engagement. From October 6, 2025 through January 14, 2026, the date of BPB’s dismissal, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and”

ScanTech AI Systems Inc. dismissed Berkowitz Pollack Brant Advisors + CPAs, LLP as its auditor.

“ertain assets related to the capital markets practice of Berkowitz Pollack Brant Advisors + CPAs, LLP (“BPB”). On January 14, 2026, the Audit Committee of the Company’s Board of Directors simultaneously dismissed BPB as the Company’s independent registered public accounting firm and approved the appointment of CRI as the Company’s independent registered public accounting firm. As previously disclosed, on October 6, 2025, the Company previously appointed BPB to serve as the Company’s independent registered public accounting firm. BPB did not issue any report during the period of its engagement. From October 6, 2025 through January 14, 2026, the date of BPB’s dismissal, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and”

ScanTech AI Systems Inc. reported a default on loan of $471,750 of principal with Maximcash Solutions LLC maturing December 31, 2025.

“of any such agreement or resolution. As of January 5, 2026, the aggregate outstanding balance under the Loan Agreement was approximately $530,033 (consisting of approximately $471,750 of principal and $58,283 of accrued interest and other charges). Pursuant to the Loan Agreement, the occurrence and continuance of an event of default may result in, among other”

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

“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.”

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

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

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

“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”

ScanTech AI Systems Inc.: Filed certificate of amendment to effectuate a 1-for-20 reverse stock split of common stock (effective 2025-12-15).

“On December 11, 2025, ScanTech AI Systems Inc. (the “Company”) filed a certificate of amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effectuate a 1-for-20 reverse stock split”

ScanTech AI Systems Inc. received a nasdaq delisting notice notice regarding late filing (rules 5250(c)(1)).

“he opening of business on December 5, 2025, and Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission (“SEC”). The Company has requested a hearing before the Nasdaq Hearings Panel and paid the associated fee. Because the Notice cites non-compliance with Nasdaq Listing Rule 5250(c)(1) as an additional basis for the Staff determination, the Company expects to receive an automatic 15-day stay of suspension under Nasdaq Listing Rule 5815(a)(1)(B) in connection with that deficiency. The Company has also submitted a request for an extended stay of suspension applicable to t”

ScanTech AI Systems Inc. received a nasdaq delisting notice notice regarding market value (rules 5450(b)(2)(A)).

“he opening of business on December 5, 2025, and Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission (“SEC”). The Company has requested a hearing before the Nasdaq Hearings Panel and paid the associated fee. Because the Notice cites non-compliance with Nasdaq Listing Rule 5250(c)(1) as an additional basis for the Staff determination, the Company expects to receive an automatic 15-day stay of suspension under Nasdaq Listing Rule 5815(a)(1)(B) in connection with that deficiency. The Company has also submitted a request for an extended stay of suspension applicable to t”

ScanTech AI Systems Inc. amended Agreement and Amendment No. 1 to the Supplemental Agreement with Steele Interest LLC and Steele Lenders (Steele I-IV) valued at Amendment to Supplemental Agreement involving stock issuance of up to 2,500,000 Legal and Expense Sh (effective 2025-11-24).

“On November 24, 2025 (the “Effective Date”), ScanTech AI Systems Inc. (the “Company”) entered into the Agreement and Amendment No. 1 to the Supplemental Agreement (the “Agreement”) by and between the Company, Karl Brenza (for limited purposes), ScanTech Identification Beam Systems LLC (“SIBS”), Steele Interest SIBS LLC (“Steele I”), Steele Interest SIBS II LLC (“Steele II”), Steele Interest SIBS III LLC (“Steele III”), Steele Interest SIBS IV LLC (“Steele IV” and together with Steele I, Steele II, and Steele III, referred to as the “Steele Lenders”), and Steele Interest LLC (“Steele Interests” and, collectively with the Steele Lenders, “Steele”).”

ScanTech AI Systems Inc. issued 1,200,000 shares of the Company's common stock (the "First Tranche Shares") of common stock to Steele Interests.

“No later than 5:00 p.m. (Eastern) on November 25, 2025, the Company agreed to issue and deliver to an account for the benefit of Steele Interests, at Continental, 1,200,000 shares of the Company’s common stock (the “First Tranche Shares”).”

ScanTech AI Systems Inc. issued 2,500,000 shares of the Company's common stock (the "Legal and Expense Shares") of common stock to Steele Lenders and Steele Interests for reimbursement of legal fees ($550,000).

“The Company and SIBS each acknowledged and agreed that they, on a joint and several basis, are justly indebted to, and currently owe and shall pay, the Steele Lenders a total of $550,000 as reimbursement of legal fees paid and/or previously incurred by the Steele Lenders in connection with certain loans made by the Steele Lenders to SIBS and the Exchange Agreement”

ScanTech AI Systems Inc. reported that prior financial statements should not be relied upon.

“On October 30, 2025, the Company’s management and the Audit Committee of the Board of Directors of ScanTech AI Systems Inc. (the “Company”) concluded that the Company’s unaudited interim consolidated financial statements for the quarters ended March 31, 2025 and June 30, 2025 (collectively, the “Affected Financials”), as previously filed with the Securities and Exchange Commission (“SEC”), should no longer be relied upon because of an error related to redemption shares and should therefore be restated.”

ScanTech AI Systems Inc. reported a default on senior notes of $1,112,500 with Silverback Capital Corporation at 15% maturing January 22, 2026.

“On October 23, 2025, the Company received written notice (the “Silverback Notice”) from Silverback that asserted that the Company failed to make a quarterly interest rate payment as of October 22, 2025 and failed to notify Silverback five business days in advance that the Company would not make the quarterly interest rate payment. Silverback asserts that such violation constitutes an “Event of Default” under the Note and requires that the quarterly interest rate payment be capitalized into the principal amount of the Note. The Silverback Notice claims that, as of October 23, 2025, the outstanding principal amount of the Note is $1,112,500.”

ScanTech AI Systems Inc.: Approved First Amended and Restated Bylaws, changing quorum requirement to one-third voting power, updating stockholder proposal and director nomination procedures, and allowing board size to be fixed by majority of directors then in office (effective 2025-10-13).

“The Amended and Restated Bylaws were amended to, among other revisions, (i) generally provide that a quorum at any meeting of stockholders is at least one-third in voting power of the outstanding shares of capital stock entitled to vote, present in person or represented by proxy, (ii) update how stockholders are to submit proposals or director nominations, and (iii) generally provide that the total number of directors constituting the Board shall be fixed from time to time by resolution of a majority of the directors then in office.”

ScanTech AI Systems Inc. reported a default on debt of $1,250,000 with Polar Multi-Strategy Master Fund at 18% per annum.

“into a subscription and settlement agreement (the “Polar Subscription and Settlement Agreement”) related to a promissory note dated December 31, 2024 with a principal amount of $1,250,000 (the “Polar Note”). On October 10, 2025, the Company received correspondence (the “Polar Notice”) from Polar that asserted that, because certain shares of the Company’s common”

ScanTech AI Systems Inc. reported a default on senior notes of up to $1,500,000 with Southern Point Capital Corporation at 15% per annum, default rate 18% maturing July 3, 2026.

“3, 2025, pursuant to the terms of which the Company issued a senior secured promissory note (the “340 Broadway/SPCC Note”) to 340 Broadway with a total principal amount of up to $1,500,000 which bears interest at an annual rate of 15% and matures on July 3, 2026. 340 Broadway subsequently assigned a portion of the 340 Broadway/SPCC Note to Southern Point Capital”

ScanTech AI Systems Inc. issued 1,907,898 pre-funded warrants of warrant to ARC Group International Ltd..

“the Company agreed to issue to the Investor in satisfaction of its obligations for the Commitment Fee Shares and Subscription Shares, 3,365,934 shares of common stock and 1,907,898 pre-funded warrants”

ScanTech AI Systems Inc. issued 3,365,934 shares of common stock of common stock to ARC Group International Ltd..

“the Company agreed to issue to the Investor in satisfaction of its obligations for the Commitment Fee Shares and Subscription Shares, 3,365,934 shares of common stock and 1,907,898 pre-funded warrants”

ScanTech AI Systems Inc. engaged Berkowitz Pollack Brant Advisors + CPAs as its auditor.

“On October 6, 2025, ScanTech AI Systems Inc. (the “Company”) appointed Berkowitz Pollack Brant Advisors + CPAs (“BPB”) to serve as the Company’s new independent registered public accounting firm.”

UHY LLP resigned as auditor of ScanTech AI Systems Inc..

“On September 18, 2025, UHY LLP (“UHY”) notified the Audit Committee of the Board of Directors of ScanTech AI Systems, Inc. (the “Company”) that it had resigned as the Company’s independent registered public accounting firm, effective immediately.”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“August 26, 2025, ScanTech AI Systems Inc. (the “Company”) received a deficiency letter (the “Periodic Report Notice”) from Nasdaq Listing Qualifications of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 (the “Quarterly Report”). The Periodic Report Notice has no immediate effect on the listing of the Company’s common stock on The Na”

ScanTech AI Systems Inc. received a nasdaq noncompliance notice notice regarding market value (rules 5450(b)(2)(C)).

“July 30, 2025, ScanTech AI Systems Inc. (the “Company”) received a deficiency letter (the “MVPHS Notice”) from Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon Nasdaq’s review of the Company’s market value of publicly held shares (“MVPHS”) for previous 30 consecutive business days ended July 28, 2025, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(C) to maintain a MVPHS of at least $15 million (the “MVPHS Requirement”). In accordance with Nasdaq rules, the Company has a period of 180 calendar days (o”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1)).

“July 10, 2025, ScanTech AI Systems Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”) for continued listing on The Nasdaq Global Market. The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share, and, based upon the closing bid price of the Company’s common stock for the 30 consecutive business”

ScanTech AI Systems Inc. incurred senior notes of up to $1,500,000 with 340 Broadway Holdings, LLC at 15% per annum maturing July 3, 2026.

“The Company issued a senior secured promissory note (the “Note”) to the Lender with a total principal amount of up to $1,500,000 and 2,095,531 shares (the “Origination Shares”) of the Company’s common stock to the Lender. The Note bears interest at an annual rate of 15% and matures on July 3, 2026 (the “Maturity Date”).”

Bradley Buswell was appointed as Chairman of the Board at ScanTech AI Systems Inc..

“On June 9, 2025, Bradley Buswell was appointed as Chairman of the Board.”

Karl Brenza resigned as Chairman and member of the Board of Directors at ScanTech AI Systems Inc..

“On June 9, 2025, Karl Brenza resigned as Chairman and as a member of the Board of Directors”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A)).

“May 27, 2025 (the “MVLS Notice”) notifying the Company that, based on the market value of listed securities for the previous 30 consecutive business days, the listing of the Company’s common stock was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) to maintain a minimum market value of listed securities of at least $50 million (the “MVLS Requirement”). In accordance with Nasdaq rules, the Company has a period of 180 calendar days (or until November 24, 2025) to regain compliance with the MVLS Requirement. To regain compliance during this 180-day compliance period, the minimum market v”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“May 22, 2025, ScanTech AI Systems Inc. (the “Company”) received a deficiency letter (the “Periodic Report Notice”) from Nasdaq Listing Qualifications of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 (the “Quarterly Report”). The Periodic Report Notice has no immediate effect on the listing of the Company’s common stock on The Nasd”

ScanTech AI Systems Inc. incurred loan of $500,000 with Maximcash Solutions LLC at The Company is obligated to repay the Loan in six monthly payments, with the fir maturing November 14, 2025.

“On May 14, 2025, ScanTech AI Systems Inc. (the “Company”), as borrower and guarantor, entered into a Loan and Security Agreement (the “Loan Agreement”) with Maximcash Solutions LLC (the “Lender”). Pursuant to the Loan Agreement, the Lender loaned $500,000 (the “Loan”) to the Company, which includes an $15,000 origination fee deducted at the time of funding. The Loan Agreement matures on November 14, 2025. The Company is obligated to repay the Loan in six monthly payments, with the first three payments to be interest only, and with a total repayment amount of $610,000 over a six-month term.”

ScanTech AI Systems Inc. incurred loan of $2,850,000 with St. James Bank and Trust Company Ltd. at annual interest rate of 12.0% maturing October 25, 2025.

“On April 25, 2025, ScanTech AI Systems Inc. (the “Company”) and St. James Bank and Trust Company Ltd. (“St. James”) entered into an unsecured promissory note (the “Promissory Note”) pursuant to which St. James agreed to loan the Company $2,850,000 at an annual interest rate of 12.0% with a maturity date of October 25, 2025”

ScanTech AI Systems Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“April 17, 2025, ScanTech AI Systems Inc. (the “Company”) received a deficiency letter (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”). The Notice has no immediate effect on the listing of the Company’s common stock on The Nasdaq Global Market. The Notice stated that the Company has 60 calendar days to s”

ScanTech AI Systems Inc.: Upon closing of the Business Combination, Pubco ceased to be a shell company.

“Upon the Closing, Pubco ceased to be a shell company.”

ScanTech AI Systems Inc.: Adoption of a new Code of Ethics applicable to directors, officers, and employees.

“In connection with the Closing, the Pubco Board approved and adopted a new Code of Ethics applicable to directors, officers and employees (the "Code of Ethics").”

ScanTech AI Systems Inc.: Adoption of Proposed Bylaws, effective as of the Effective Time on December 31, 2024 (effective 2024-12-31).

“on December 31, 2024, pursuant to the approval of the Advisory Charter Proposals, the Pubco Board approved and adopted the Proposed Bylaws, which became effective as of the Effective Time.”

ScanTech AI Systems Inc.: Adoption of Amended and Restated Certificate of Incorporation, effective upon filing with Delaware Secretary of State on December 31, 2024 (effective 2024-12-31).

“The Proposed Amended and Restated Certificate of Incorporation , which became effective upon filing with the Secretary of State of the State of Delaware on December 31, 2024, includes the amendments proposed by the Advisory Charter Proposals and approved at the Advisory Charter Proposals.”

ScanTech AI Systems Inc. underwent a change of control involving Mars Acquisition Corp. (closed 2025-01-02).

“At the closing of the Business Combination, which occurred on January 2, 2025 (“ Closing ”), Purchaser Merger Sub merged with and into Mars, with Mars continuing as the surviving entity (“ Purchaser Merger ”),”