secwatch.observer — SEC 8-K summary
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Issuer:     GridAI Technologies Corp. (GRDX)
CIK:        0001604191
Form:       8-K
Filed at:   2025-02-06T23:59:59+00:00
Accession:  0001104659-25-010132
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 5.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Entero Therapeutics enters $2M loan at 18%; lender gains board control, replaces three directors
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1604191/000110465925010132/0001104659-25-010132-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1604191/000110465925010132/tm255614d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-010132

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