GridAI Technologies Corp. (GRDX): Nasdaq/NYSE listing notice — First Wave BioPharma receives Nasdaq bid price deficiency notice; proposes reverse stock split

GridAI Technologies Corp.

On Dec 14, 2022, Nasdaq notified FWBI it fails $1.00 bid price rule; not eligible for automatic 180-day compliance period due to two prior reverse splits exceeding 1-for-250 ratio.
Company plans to regain compliance via reverse stock split (1:3 to 1:40), to be voted on at Jan 9, 2023 special meeting.
On Nov 22, 2022, closed $2.5M private placement to address minimum stockholders' equity requirement; now believes equity exceeds $2.5M threshold.
Engaged Alliance Advisors as proxy solicitor for the reverse split proposal; fees up to $80,000.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

GridAI Technologies Corp. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(3)(A)(iv)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(3)(A)(iv)

Exact text from the filing

December 14, 2022, First Wave BioPharma, Inc. (the “Company”) received a deficiency notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”), indicating that, based upon the closing bid price of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), for the prior 30 consecutive business days, the Company was not in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). The Staff

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GridAI Technologies Corp. filing history →

Source: SEC EDGAR

accession 0001104659-22-127875

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