---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-127875"
form_type: "8-K"
ticker: "GRDX"
cik: "0001604191"
company_name: "GridAI Technologies Corp."
filed_at: "2022-12-16T23:59:59+00:00"
generated_at: "2026-06-21T03:21:16.101472+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First Wave BioPharma receives Nasdaq bid price deficiency notice; proposes reverse stock split

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-22-127875
- form_type: 8-K
- ticker: GRDX
- cik: 0001604191
- company_name: GridAI Technologies Corp.
- filed_at: 2022-12-16T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 3.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1604191/000110465922127875/0001104659-22-127875-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1604191/000110465922127875/tm2232903d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-127875
- JSON: https://secwatch.observer/filing/0001104659-22-127875.json
- Plain text: https://secwatch.observer/filing/0001104659-22-127875.txt

## Key facts
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000110465922127875/0001104659-22-127875-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.