FWBI settles FWB stockholder lawsuit, pays $4.5M cash, extinguishes $12.5M obligations

GridAI Technologies Corp.

Paid $1.5M upfront (July 29), $1M second (Sep 9), $2M final (Nov 30); total $4.5M cash to former FWB stockholders.
Obligation to pay ~$12.5M in fixed payments extinguished upon second payment.
Former stockholders eligible for milestone payments on adrulipase (pilot study and Phase 3/First Commercial Sale).
Future sale/license of adrulipase or niclosamide triggers % of Aggregate Consideration to former stockholders, subject to capped total.
Obligation to develop niclosamide deferred for 24 months from July 29, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GridAI Technologies Corp. entered into Settlement Agreement with Fortis Advisors LLC and certain individuals (effective 2022-11-30).

Action: entry
Agreement: settlement
Counterparty: Fortis Advisors LLC and certain individuals
Effective: 2022-11-30

Exact text from the filing

Effective November 30, 2022, the Company, the Representative and certain individuals entered into a settlement agreement (the “Settlement Agreement”).

View on SEC.gov

242 material agreements filed in the last 30 days. Browse all material agreements →

GridAI Technologies Corp. filing history →

Source: SEC EDGAR

accession 0001104659-22-124092

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