Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
Seaport Global Asset Management LLC, a ten-percent owner of ScanTech AI Systems Inc. (NASDAQ:STAI), has sold 125,000 shares of common stock at a price of $0.7252 on October 10, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The total value of the transaction amounted to $90,650. The sale comes amid significant stock volatility, with STAI shares down 94% over the past year and trading at $0.59, though showing recent strength with a 31% gain in the past week.
Following the transaction, Seaport Global Asset Management LLC continues to hold 16,302,973 shares of ScanTech AI Systems Inc.
The sale was executed by Stephen C. Smith, Authorized Signatory for Seaport Global Asset Management LLC. Get access to 13 additional InvestingPro Tips and comprehensive financial analysis for STAI with InvestingPro.
In other recent news, ScanTech AI Systems Inc. has secured a $50 million equity line of credit from ARC Group International Ltd., with an initial $500,000 PIPE equity investment contingent upon SEC registration of shares. The company has also received default notices from Southern Point Capital Corporation, claiming a breach of covenants in a Securities Purchase Agreement due to a new agreement with ARC Group. This alleged default could trigger mandatory repayment of the note, with ScanTech reviewing and potentially disputing the claims. Additionally, ScanTech has appointed Berkowitz Pollack Brant Advisors + CPAs as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. This move follows the resignation of UHY LLP, which left due to incomplete reviews of financial statements for the quarter ended June 30, 2025. The appointment of Berkowitz Pollack Brant aims to enhance financial reporting as ScanTech works toward Nasdaq re-compliance. These developments reflect ongoing changes in ScanTech’s financial and operational strategies.
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