DefaultMay 20, 2026, 04:13 PM
GridAI Technologies Settles $1.03M Debt Default
AI Summary
GridAI Technologies Corp. entered into a Debt Settlement and Subscription Agreement with 1396974 BC Ltd. to resolve a $1,032,315 outstanding debt. The company had previously defaulted on the revolving loan, which matured on January 31, 2026. The settlement involves a cash payment of $800,000 and the issuance of 71,482 common shares at a deemed price of $3.25 per share to satisfy the remaining accrued interest.
Key Highlights
- GridAI Technologies settled an outstanding debt of $1,032,315 from a revolving loan.
- The original debt comprised $700,000 in principal and $332,315 in accrued interest.
- The settlement included a cash payment of $800,000, covering principal and $100,000 interest.
- The company issued 71,482 common shares at $3.25 per share to satisfy $232,315 in remaining interest.
- The debt matured on January 31, 2026, leading to a default notice on April 1, 2026.
Price Impact
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