ScanTech receives noncompliance notices from Nasdaq

ScanTech (STAI) announced that the company received two letters from Nasdaq, related to non-compliance with certain listing requirements. Neither notice has an immediate effect on the listing of the company’s common stock on Nasdaq. On May 22, the company received a letter from Nasdaq stating that the company is not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended March 31. The notice has no immediate effect on the listing of the Company’s common stock on Nasdaq. On May 27, the company received an additional letter from Nasdaq stating that the company is not in compliance with the requirements of Nasdaq Listing Rule 5450(b)(2)(A) to maintain a minimum market value of listed securities of at least $50M, assessed over the preceding 30 consecutive business days.