ScanTech initiates appeal process with Nasdaq

ScanTech (STAI) AI Systems announced that following the previously disclosed timely Nasdaq Hearings Panel review request, a hearing before the Panel has been scheduled for January 22, 2026, to appeal the previously disclosed Nasdaq Listing Qualification Staff determination regarding delisting. In connection with this process, the suspension and delisting action has been stayed until December 17, 2025, allowing ScanTech AI’s common stock to continue to trade on The Nasdaq Global Market during the stay period. The Company has also made an application for an extension to this period to extend until the result of the January 22, 2026 Panel is finalised. This extension is currently being considered by the Panel, with the ability of the Company to file its periodic report on Form 10-Q during the extension period being one of the factors considered by the Panel. Nasdaq Rule 5815(a)(1)(B)(i) states that if a Delisting Determination relates to Nasdaq Listing Rule 5250(c)(1) or a delinquent periodic filing, that the automatic stay will be limited to 15 days unless the Company requests for and is granted an extended stay. The Company has previously disclosed that it has filed the amended and restated March 31, 2025 and June 30 periodic filings on Forms 10-Q/A, and believes it is on track to file its September 30, 2025 periodic filing on Form 10-Q within the 15 day stay period. The Company plans to present a comprehensive compliance plan to the Nasdaq Hearings Panel addressing both the MVLS requirements and its recent filing deficiencies. Management remains confident in the Company’s ability to demonstrate a clear path to full compliance. However, there can be no assurance that the Company’s hearing will be successful, or that, if successful, the Company will be able to maintain compliance with all applicable listing criteria.