ScanTech AI Systems (STAI) said Monday that recent pressure on its stock price is due to "short-sighted trading" and "potential high-volume short activity."
The company completed its merger with a special purpose acquisition company on Jan. 2, and has experienced the typical volatility that comes with SPAC mergers, Chief Executive Dolan Falconer said.
"We are trading at a substantial discount to our announced merger value. I am confident in the value we are building for our shareholders and the market will soon recognize that our current share price understates our enterprise value," Falconer said in a statement.
The company said factors unrelated to its core business fundamentals have influenced trading activity, including misunderstandings about the company's business model, SPAC arbitrage, and short-term trading.
Shares of ScanTech AI Systems were down 3.4% in recent trading.
Price: 1.41, Change: -0.04, Percent Change: -2.76
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