ScanTech AI Systems Inc. (STAI)

ScanTech AI Systems Inc. developed advanced security screening equipment that combines computed tomography imaging with artificial intelligence software to detect threats and contraband. Its operating business was ScanTech Identification Beam Systems, based in the Atlanta, Georgia area, and the company was headquartered in Marietta. Its Sentinel scanning platform was intended for checkpoints such as airports, government buildings, customs and border sites, and correctional facilities.

The company positioned its technology as a way to screen bags and parcels with less operator intervention than conventional X-ray systems, by using three-dimensional imaging and automated threat recognition. The market for such equipment is dominated by larger established suppliers, and ScanTech sought to compete through software-driven detection and lower operating friction. As an early commercial-stage company, it reported limited revenue and relied on outside financing.

ScanTech became a U.S.-listed company in 2024 through a business combination with Mars Acquisition Corp., a special purpose acquisition company. After the merger closed, the combined company's common stock traded on Nasdaq under the symbol STAI. As is common after SPAC mergers, the company carried significant obligations and depended on additional capital to fund product development, manufacturing and sales.

On November 26, 2025, Nasdaq listing staff notified the company that it did not meet Listing Rule 5250(c)(1), which requires listed companies to timely file periodic reports with the SEC. ScanTech appealed to the Listing Qualifications Hearings Panel on December 2, 2025, which automatically stayed suspension, and a hearing was held on January 22, 2026.

The Panel decided in early February 2026 not to grant the company continued listing and informed it by letter dated February 6, 2026. The company's common stock was suspended from Nasdaq on February 10, 2026. ScanTech announced its intention to seek quotation on the OTCQB, and its shares thereafter traded over the counter.

The staff delisting determination became final on March 23, 2026, and Nasdaq issued its formal delisting determination on May 11, 2026. A Form 25 was filed with the SEC, and removal of the shares from listing and registration took effect at the opening of trading on June 18, 2026. The delisting resulted from the exchange's rules and not from any acquisition or merger, so no consideration was paid to holders. Companies removed from Nasdaq in this manner commonly continue to disclose through the over-the-counter markets, although trading volume is typically thinner. The company's technology, products and customer relationships were not affected by the delisting itself, which concerned only the status of its shares.