ScanTech AI Systems Appoints Berkowitz Pollack Brant Advisors + CPAs as Independent Auditor to Support Enhanced Governance and Regulatory Compliance Initiatives

Rhea-AI Summary

ScanTech AI Systems (Nasdaq: STAI) announced that its Audit Committee has appointed Berkowitz Pollack Brant Advisors + CPAs as the company’s independent registered public accounting firm for the fiscal year ending Dec 31, 2025 and certain interim periods.

The engagement will include an audit of ScanTech AI’s 2025 financial statements and is positioned to strengthen financial reporting, internal controls, and the company’s Nasdaq re-compliance plan. The appointment precedes a purchase agreement with ARC Group International under which ARC committed up to $50 million of capital via an Equity Line of Credit (ELOC) once the ELOC shares are registered with the SEC. ScanTech AI expects to file a registration statement to register resale of securities issuable under the ELOC.

Positive

• Independent audit of 2025 financial statements
• $50 million ELOC committed by ARC Group provides financing optionality
• Appointment supports Nasdaq re-compliance and stronger internal controls

Negative

• ELOC funding conditional on SEC registration of shares
• Equity Line may cause shareholder dilution if fully drawn

Atlanta, GA, Oct. 15, 2025 (GLOBE NEWSWIRE) -- ScanTech AI Systems Inc. (the "Company" or "ScanTech AI") (Nasdaq: STAI), a developer of advanced AI-powered security screening and imaging technology, previously announced that its Audit Committee has appointed Berkowitz Pollack Brant Advisors + CPAs (“BPB”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, and certain interim periods.

The engagement of BPB marks another step in ScanTech AI’s broader strategy to strengthen financial reporting, enhance internal controls, and continue advancing in its Nasdaq re-compliance plan. BPB will conduct the audit of the Company’s 2025 financial statements and continue to promote integrity and transparency in financial disclosures.

“We welcome Berkowitz Pollack Brant as our new independent auditor and look forward to their guidance as we continue to work to elevate our reporting standards. This appointment aligns with our broader Nasdaq compliance and governance initiatives and supports the Company’s commitment to accurate, timely, and transparent financial reporting,” said Dolan Falconer, Chief Executive Officer of ScanTech AI.

The auditor appointment precedes ScanTech AI’s recent announcement of its purchase agreement with ARC Group International Ltd. (“ARC”), under which ARC committed to provide up to $50 million of capital to the Company via an Equity Line of Credit (“ELOC”) once the shares for such ELOC are registered with the U.S. Securities and Exchange Commission (“SEC”). In connection with that purchase agreement, ScanTech AI expects to file a registration statement with the SEC to register the resale of securities issuable under the ELOC. The combination of expanded audit oversight and strategic financing flexibility is intended to enhance the Company’s financial stability and support its long-term growth objectives.

About ScanTech AI

ScanTech AI Systems Inc. (Nasdaq: STAI) has developed one of the world’s most advanced non-intrusive ‘fixed-gantry’ CT screening technologies. Utilizing proprietary artificial intelligence and machine learning capabilities, ScanTech AI’s state-of-the-art scanners accurately and quickly detect hazardous materials and contraband. Engineered to automatically locate, discriminate, and identify threat materials and items of interest, ScanTech AI’s solutions are designed for use in airports, seaports, borders, embassies, corporate headquarters, government and commercial buildings, factories, processing plants, and other facilities where security is a priority.

For more information, visit www.scantechais.com and investor.scantechais.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations, estimates, forecasts, and projections, and the beliefs and assumptions of management. Words such as “expects,” “intends,” “plans,” “believes,” “seeks,” “may,” “will,” “should,” “anticipates,” or the negative or plural of these words, and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

These statements relate to, among other things, the Company’s ability to draw funds under the ELOC, complete additional financings, maintain its Nasdaq listing, regain compliance with Nasdaq listing standards, execute its growth strategy, and develop or commercialize its technologies. The Company cannot draw funds under the ELOC until the shares of common stock to be issued under the ELOC are registered with the SEC. Additionally, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those expressed or implied herein.

These risks and uncertainties include, but are not limited to: market conditions; dilution and volatility associated with equity financings; the Company’s ability to remain in compliance with Nasdaq listing standards; operational and regulatory risks in the artificial intelligence and security technology sectors; product and service acceptance; regulatory oversights; whether ScanTech AI will have sufficient capital to operate as anticipated; and other factors detailed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks of uncertainties materialize, or should any of the assumptions of ScanTech AI prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release and are based on the information available to ScanTech AI as of the date hereof. ScanTech AI assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may otherwise be required under applicable law.

Media Contact 

ScanTech AI Systems Inc. 
D. Williams Sr. VP Sales & Investor/Government Relations
dwilliams@scantechais.com

FAQ

What did ScanTech AI (STAI) announce on October 15, 2025 about its auditor?

ScanTech AI appointed Berkowitz Pollack Brant as its independent registered public accounting firm for the fiscal year ending Dec 31, 2025 and certain interim periods.

How does the Berkowitz Pollack Brant appointment affect ScanTech AI (STAI) Nasdaq re-compliance?

The appointment is intended to strengthen financial reporting and internal controls, supporting the company’s Nasdaq re-compliance plan.

What are the financing details announced with the auditor news for ScanTech AI (STAI)?

ScanTech AI has a purchase agreement with ARC Group that commits up to $50 million via an Equity Line of Credit once the ELOC shares are registered with the SEC.

Does the ARC ELOC immediately provide cash to ScanTech AI (STAI)?

No; the ELOC commitment is conditional and requires the company to register the issuable shares with the SEC before ARC funds are available.

What is the likely investor impact of the ELOC on ScanTech AI (STAI) shares?

If drawn, the ELOC could increase available capital but may result in share dilution to existing shareholders.