GridAI Drops After Debt Agreement as Traders Watch Warrants
GridAI Technologies Corp. slid 7.8% to $4.25 by late morning Friday, setting a new session low. Traders are weighing a new debt settlement and the possibility of more shares, adding pressure to the Nasdaq stock. GridAI opened at $4.47. Volume was 49,530 at 11:00 a.m. EDT, market cap stood at $26.35 million, according to Google Finance. GridAI is working to clean up its balance sheet. The company said in a May 20 Form 8-K that it settled a default on its revolving loan with an $800,000 payment—$700,000 for principal, $100,000 in accrued interest. It’s also giving the lender 71,482 common shares at $3.25 each to cover another $232,315 in interest. The lender had sought $1.014 million after the loan matured