ScanTech AI Systems Inc. Announces Receipt of Staff Delisting Determination from Nasdaq

Core Viewpoint - ScanTech AI Systems Inc. is facing potential delisting from the Nasdaq Global Market due to non-compliance with listing requirements, specifically the market value of listed securities and timely filing of financial reports [1][2][4]. Group 1: Nasdaq Delisting Notification - On November 26, 2025, Nasdaq notified ScanTech AI that its securities are subject to delisting due to failure to meet the minimum market value requirement of $50 million for 30 consecutive trading days [1][2]. - The company was given until November 23, 2025, to regain compliance but did not do so, leading to the delisting notice [2]. - If the company does not request a hearing by December 3, 2025, trading of its common stock will be suspended on December 5, 2025 [2]. Group 2: Compliance Actions - ScanTech AI has requested a hearing before the Nasdaq Hearings Panel and paid the associated fee, which will provide a 15-day stay of suspension related to the periodic reporting rule violation [3]. - The company intends to present a comprehensive compliance plan at the hearing to address both the market value and filing status issues [3]. Group 3: Financial Reporting Issues - The company failed to timely file its Quarterly Reports on Form 10-Q for the periods ended June 30, 2025, and September 30, 2025, which is a separate basis for delisting [4]. - Since the notice, ScanTech AI has filed its amended Form 10-Q for the quarter ended March 31, 2025, and is finalizing the Form 10-Q for the quarter ended September 30, 2025 [4]. Group 4: Listing Transfer Application - Prior to receiving the delisting notice, ScanTech AI submitted an application to transfer its listing to the Nasdaq Capital Market, where the minimum market value requirement is $35 million [5]. - This application is currently under review and does not affect the company's day-to-day operations [5]. Group 5: Company Overview - ScanTech AI Systems Inc. specializes in advanced AI-powered security screening and imaging systems, utilizing proprietary technology to detect hazardous materials and contraband [6]. - The company's solutions are designed for high-security environments such as airports, seaports, and government buildings [6].