---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-086824"
form_type: "8-K"
ticker: "GRDX"
cik: "0001604191"
company_name: "GridAI Technologies Corp."
filed_at: "2024-08-07T23:59:59+00:00"
generated_at: "2026-05-31T11:46:40.167735+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Entero Therapeutics faces $7M debt acceleration, board resignations, workforce cuts, R&D pause

## Summary
- ImmunogenX subsidiary received default notice accelerating $6,997,583 in obligations under Credit Agreement.
- Directors Charles Casamento and Terry Coelho resigned Aug 2; audit committee now non-compliant with Nasdaq Rule 5605(c)(2).
- CEO James Sapirstein and President Jack Syage terminated; Sapirstein becomes consultant at $400/hour for 6 months.
- Company terminated all non-essential employees, vacated Boca Raton office, and paused non-essential R&D activities.
- Exploring strategic alternatives including capital raising, restructuring debt, and other options to maximize stakeholder value.

## SEC filing metadata
- accession: 0001104659-24-086824
- form_type: 8-K
- ticker: GRDX
- cik: 0001604191
- company_name: GridAI Technologies Corp.
- filed_at: 2024-08-07T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.04, 3.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/0001104659-24-086824-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/tm2421105d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-086824
- JSON: https://secwatch.observer/filing/0001104659-24-086824.json
- Plain text: https://secwatch.observer/filing/0001104659-24-086824.txt

## Key facts
- Executive change
  Jack Syage was terminated as President at GridAI Technologies Corp..
  - Action: terminated
  - Role: President
  source text: and (ii) the offer letter, dated March 13, 2024, by and between the Company and President Jack Syage
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/0001104659-24-086824-index.htm
- Executive change
  Charles J. Casamento resigned as Director at GridAI Technologies Corp..
  - Action: resigned
  - Role: Director
  source text: On August 2, 2024, Charles J. Casamento and Terry Coelho resigned as members of the Board of the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/0001104659-24-086824-index.htm
- Executive change
  James Sapirstein was terminated as Chief Executive Officer at GridAI Technologies Corp..
  - Action: terminated
  - Role: Chief Executive Officer
  source text: the Board approved the termination of (i) the employment agreement, dated October 8, 2019, by and between the Company and Chief Executive Officer James Sapirstein
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/0001104659-24-086824-index.htm
- Executive change
  Terry Coelho resigned as Director at GridAI Technologies Corp..
  - Action: resigned
  - Role: Director
  source text: On August 2, 2024, Charles J. Casamento and Terry Coelho resigned as members of the Board of the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000110465924086824/0001104659-24-086824-index.htm

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