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ATLANTA - ScanTech AI Systems Inc. (NASDAQ:STAI), a micro-cap security technology company with a market value of $16.39 million, announced Monday it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the U.S. Securities and Exchange Commission.
The security technology company expects this filing to resolve its noncompliance with Nasdaq Listing Rule 5250(c)(1), which occurred due to the delayed submission of the quarterly report.
In its statement, ScanTech AI indicated it "remains committed to maintaining consistent and transparent financial disclosures moving forward." The company did not provide specific details about the financial results contained in the quarterly report or explain the reasons behind the delayed filing.
ScanTech AI develops non-intrusive CT screening technologies that utilize artificial intelligence and machine learning capabilities to detect hazardous materials and contraband. The company’s systems are designed for use in various security-sensitive locations including airports, seaports, borders, and commercial buildings.
The information in this article is based on a company press release statement issued by ScanTech AI Systems Inc.
In other recent news, ScanTech AI Systems Inc. has faced several compliance issues with Nasdaq. The company received a deficiency notice from Nasdaq for failing to maintain a minimum bid price of $1.00 per share for 30 consecutive business days. Additionally, ScanTech AI is not in compliance with Nasdaq’s listing rules due to its failure to file a timely quarterly report and maintain a minimum market value of $50 million. Despite these challenges, ScanTech AI has continued its operations, delivering its sixth Sentinel Fixed-Gantry CT system to a major North American nuclear energy provider as part of a $3.5 million contract. The company also secured a $500,000 loan agreement with Maximcash Solutions LLC, which includes specific repayment terms and is secured by shares of its common stock. In a positive development, ScanTech AI announced compliance with SEC reporting and Nasdaq listing standards following the filing of its Annual Report. The company emphasized its commitment to operational excellence with the recent installation of an advanced security system for a key nuclear client.
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