Entero Therapeutics subsidiary receives default notice; $7.4M debt accelerated

GridAI Technologies Corp.

ImmunogenX received default notice on Nov 21, 2024 from lender Mattress Liquidators, Inc., accelerating ~$7.4M in obligations.
Company disputes default regarding missing separate financials, noting consolidated reports are filed with SEC.
Cross-default may trigger stockholder notes with Jack Syage and Peter Felker, potentially due immediately.
Firm paused development, reduced headcount, and is exploring strategic alternatives including merger, sale, or wind-down.
No assurance of raising capital or restructuring debt; possible U.S. Bankruptcy Code protection if efforts fail.

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