GridAI Technologies Corp. (GRDX): Nasdaq/NYSE listing notice — Nasdaq notifies First Wave BioPharma of non-compliance with shareholder approval rule for July offering

GridAI Technologies Corp.

Received Nasdaq notice on Oct 26, 2023 for failing to obtain shareholder approval under Listing Rule 5635(d) for a July best-efforts offering.
Offering included 610,000 shares, 2,675,000 pre-funded warrants, and 6,570,000 common warrants at $0.64 per share.
Staff determined the offering was not a public offering because one investor purchased a predominant portion.
Company has 45 days to submit a compliance plan; if accepted, Nasdaq may grant up to 180 calendar days to cure.
Common stock continues to trade on Nasdaq under symbol FWBI while the compliance process is ongoing.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

GridAI Technologies Corp. received a nasdaq deficiency notice notice regarding other (rules 5635(d)).

Exchange: nasdaq
Notice: deficiency notice
Rules: 5635(d)

Exact text from the filing

October 26, 2023, First Wave BioPharma, Inc. (the “Company”, “we” or “us”) received written notice (the “Notification Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with the shareholder approval requirement set forth in Nasdaq Listing Rule 5635(d), which requires prior shareholder approval for transactions, other than public offerings, involving the issuance of 20% or more of an issuer’s pre-transaction shares outstanding at less than the applicable Minimum Price (as defined in List

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18 listing & compliance notices filed in the last 30 days. Browse all listing & compliance notices →

GridAI Technologies Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-113014

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