8-K
filed February 6, 2025, 6:59 PM ET
ticker GRDX
CIK 0001604191
debt
confidence high
sentiment negative
materiality 0.75
GridAI Technologies Corp. (GRDX): M&A transaction — Entero Therapeutics enters $2M loan at 18%; lender gains board control, replaces three directors
GridAI Technologies Corp.
- Revolving loan up to $2M from 1396974 BC Ltd.; initial $550K drawn Jan 31, 2025 at 18% interest, due Jan 31, 2026.
- Three directors resigned Feb 3 (Ramdeen, Riddell, Sapirstein); three lender nominees appointed (Uppal, Niu, Paolone) giving board majority to lender.
- Alson Niu resigned Feb 5; replaced by Eric Corbett as director.
- Loan requires best efforts to complete a $5M+ qualified public equity offering; S-1 must be filed within 45 days.
- Company must refrain from repaying other debt or making payments >$25k without board approval.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
GridAI Technologies Corp. incurred revolving credit of $2,000,000 with 1396974 BC Ltd. at 18% per annum maturing January 31, 2026.
- Instrument
- revolving credit
- Principal
- $2,000,000
- Counterparty
- 1396974 BC Ltd.
- Rate
- 18% per annum
- Maturity
- January 31, 2026
- Event
- incurrence
Exact text from the filing
the Company. Pursuant to and under the terms of the Revolving Loan Agreement, the Company issued to the Lender a revolving note dated January 27, 2025 in the principal amount of $2,000,000 (the “Revolving Note” and such amount, the “Total Outstanding Amount”). This transaction is referred to as the “Financing.” The Company shall use the proceeds from the Financing
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Timothy Ramdeen resigned as director at GridAI Technologies Corp..
- Action
- resigned
- Role
- director
Exact text from the filing
On February 3, 2025 (i) each of Timothy Ramdeen, Alastair Riddell and James Sapirstein resigned as directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alson Niu was appointed as director at GridAI Technologies Corp..
- Action
- appointed
- Role
- director
Exact text from the filing
the Company’s Board of Directors appointed Manpreet Uppal, Alson Niu and Richard Joel Paolone as directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Manpreet Uppal was appointed as director at GridAI Technologies Corp..
- Action
- appointed
- Role
- director
Exact text from the filing
the Company’s Board of Directors appointed Manpreet Uppal, Alson Niu and Richard Joel Paolone as directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard Joel Paolone was appointed as director at GridAI Technologies Corp..
- Action
- appointed
- Role
- director
Exact text from the filing
the Company’s Board of Directors appointed Manpreet Uppal, Alson Niu and Richard Joel Paolone as directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James Sapirstein resigned as director at GridAI Technologies Corp..
- Action
- resigned
- Role
- director
Exact text from the filing
On February 3, 2025 (i) each of Timothy Ramdeen, Alastair Riddell and James Sapirstein resigned as directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alastair Riddell resigned as director at GridAI Technologies Corp..
- Action
- resigned
- Role
- director
Exact text from the filing
On February 3, 2025 (i) each of Timothy Ramdeen, Alastair Riddell and James Sapirstein resigned as directors of the Company
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.7
GridAI Technologies Corp. underwent a change of control involving 1396974 BC Ltd..
- Action
- change of control
- Counterparty
- 1396974 BC Ltd.
Exact text from the filing
Upon the closing of the Financing, the Lender acquired control of the Company by appointing a majority of the Company’s Board of Directors.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.