Shares of ScanTech AI Systems Inc. (NASDAQ:STAI) are trading higher Tuesday after the company entered into a procurement contract with Creeksource Consulting LLC, enabling ScanTech AI to offer its advanced screening technologies through The Interlocal Purchasing System (TIPS).
This contract allows government agencies, municipalities, schools and nonprofit organizations to purchase ScanTech's products via a nationally recognized cooperative purchasing platform. The partnership is expected to streamline procurement processes for public entities while opening up what the company estimates to be a $100 million addressable market.
According to the announcement, there are more than 3,000 county courthouses and approximately 13,000 municipal courthouses across the United States, many of which are considered critical infrastructure.
STAI Price Action: ScanTech shares were up 87.6% at $1.25 at the time of writing, according to Benzinga Pro.
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