GridAI Technologies Corp. (GRDX): Nasdaq/NYSE listing notice — Nasdaq issues reprimand to First Wave BioPharma for shareholder approval lapse; matter closed

GridAI Technologies Corp.

On March 19, 2024, Nasdaq issued a Letter of Reprimand for the July 2023 offering of 610k shares and warrants at $0.64/share.
The offering was deemed not a public offering under Rule 5635(d) because one investor bought a predominant portion; shareholder approval was required but not obtained.
The Company obtained shareholder ratification on December 12, 2023, as remedial action.
Nasdaq noted the failure was inadvertent, no prior pattern of non-compliance, and considers the matter closed.
No delisting or further sanctions imposed; the Company remains listed on Nasdaq.

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 0.92

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

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

Exact text from the filing

March 19, 2024, the Company received a Letter of Reprimand (the “Letter”) from the Staff in accordance with Nasdaq’s Listing Rule 5810(c)(4). The Staff’s determination relates to the offering and issuance by the Company (the “Offering”) of an aggregate of: (i) 610,000 shares (the “Shares”) of common stock, par value $0.0001 per share (the “Common Stock”), of the Company, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 2,675,000 shares of Common Stock (the “Pre-Funded Warrant Shares”) and (iii) common warrants (the “Warrants”) to purchase up to an aggregat

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GridAI Technologies Corp. filing history →

Source: SEC EDGAR

accession 0001104659-24-037932

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