ScanTech receives non compliance letter from Nasdaq

ScanTech (STAI) AI Systems announced that on November 26, the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market notified the Company that its securities are subject to delisting from the Nasdaq Global Market. As previously disclosed, on May 27 Staff notified the Company that the market value of its listed securities had been below the minimum $50M required for continued listing under Nasdaq Listing Rule 5450 for the previous 30 consecutive trading days. Under Listing Rule 5810, the Company was provided 180 calendar days, or until November 23, to regain compliance with the MVLS Rule. The Company did not regain compliance by that date, and the Notice states that unless the Company requests a hearing before the Nasdaq Hearings Panel by December 3 trading of its common stock will be suspended at the opening of business on December 5, 2025, and Nasdaq will file a Form 25-NSE with the SEC. The Company has requested a hearing before the Panel and paid the associated fee. Because the Notice cites non-compliance with Nasdaq Listing Rule 5250 as an additional basis for the Staff determination, the Company will receive an automatic 15-day stay of suspension under Nasdaq Listing Rule 5815 in connection with that deficiency. The Company has also submitted a request for an extended stay of suspension applicable to the full determination, including the MVLS deficiency, pending the outcome of the hearing. At the hearing, the Company intends to present a comprehensive compliance plan addressing both the MVLS Rule and its recent filing status. The Notice also referenced the Company’s failure to timely file its Quarterly Reports on Form 10-Q for the periods ended June 30 and September 30.