ScanTech AI Systems Inc. has announced it entered into a securities purchase agreement with Vanquish Funding Group Inc. Under the agreement, ScanTech issued a convertible promissory note with a principal amount of up to $270,900, bearing interest at 10% annually and maturing on October 22, 2026. The note may be converted into company shares by Vanquish after 180 days, subject to certain limitations. The issuance of the conversion shares will be made as an unregistered sale, relying on the exemption provided by Section 4(a)(2) of the Securities Act for private placements.

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