ScanTech AI Announces Receipt of Nasdaq Deficiency Letters

Core Viewpoint - ScanTech AI Systems Inc. is facing non-compliance issues with Nasdaq listing requirements, but these do not have an immediate effect on its stock listing status [1][2][4]. Group 1: Nasdaq Compliance Issues - On May 22, 2025, the company received a notice for not timely filing its Quarterly Report on Form 10-Q for the period ended March 31, 2025, which is a violation of Nasdaq Listing Rule 5250(c)(1) [2]. - The company has 60 calendar days to submit a plan to regain compliance, with a potential extension of up to 180 calendar days until November 17, 2025, if Nasdaq accepts the plan [3]. - On May 27, 2025, the company received another notice for not maintaining a minimum market value of listed securities of at least $50 million, as required by Nasdaq Listing Rule 5450(b)(2)(A) [4][5]. Group 2: Compliance Plans and Options - The company has until November 24, 2025, to submit a plan to regain compliance regarding the market value of its listed securities [5]. - To regain compliance, the market value must hold at least $50 million for 10 consecutive business days [5]. - The company may opt to transfer its listing to The Nasdaq Capital Market if it meets the continued listing requirements of that exchange [5]. Group 3: Company Overview - ScanTech AI Systems Inc. specializes in advanced security screening technologies, particularly in non-intrusive 'fixed-gantry' CT screening technologies [6]. - The company's scanners utilize proprietary artificial intelligence and machine learning to detect hazardous materials and contraband quickly and accurately [6].