GridAI Technologies lifts total Pronghorn lending to $2,964,000 with restated convertible note
Structured credit flows from technology companies into operating businesses have drawn attention across sectors, and GridAI Technologies Corp. (Nasdaq: GRDX) extended its own position on September 4, 2026. The Boca Raton,…
Key takeaways
- GridAI Technologies Corp. (Nasdaq: GRDX) executed an Amended and Restated Secured Convertible Promissory Note with Pronghorn Resources, LLC on September 4, 2026.
- The amendment folded a second loan of $964,000 into the original $2,000,000 facility, bringing total outstanding principal to $2,964,000.
- The note is a secured convertible instrument, giving GridAI a secured creditor position against Pronghorn plus the right to convert outstanding principal into equity.
- GridAI first disclosed the Pronghorn lending relationship in a July 23, 2026 8-K, with the original note supported by a Security Agreement executed on July 17, 2026.
- CEO Jason D. Sawyer signed the filing on September 11, 2026, submitting it to the SEC under Item 1.01 as material definitive agreements.
Structured credit flows from technology companies into operating businesses have drawn attention across sectors, and GridAI Technologies Corp. (Nasdaq: GRDX) extended its own position on September 4, 2026. The Boca Raton, Florida-based company executed an Amended and Restated Secured Convertible Promissory Note with Pronghorn Resources, LLC, folding a second loan of $964,000 into an original $2,000,000 facility to bring total outstanding principal to $2,964,000.
The amended facility
GridAI first disclosed the Pronghorn lending relationship in a July 23, 2026 8-K. The original note, a secured convertible promissory note with a principal of $2,000,000, was supported by a Security Agreement executed on July 17, 2026. A second loan followed that initial tranche. The September 4 documents then consolidated both under a single Amended and Restated Secured Convertible Promissory Note. Simultaneously, the parties signed a First Amendment to the Security Agreement, updating the definition of "Note" within that agreement to reference the restated instrument.
The convertible structure carries an equity-conversion option on top of the creditor claim. That means GridAI holds a secured creditor position against Pronghorn and the right to convert outstanding principal into equity. The filing identifies Pronghorn Resources as a Delaware limited liability company but says nothing about its business or the assets backing the security interest.
Balance sheet read-through
The arrangement places GridAI firmly in the lender's seat, with $2,964,000 committed to a single counterparty under a convertible, secured structure. What that concentration looks like against GridAI's total capital position, the 8-K does not say. Chief Executive Jason D. Sawyer signed the filing on September 11, the same day it was submitted to the SEC under Item 1.01, designating the September 4 agreements as material definitive agreements.
GridAI Technologies is incorporated in Delaware, with principal offices at 433 Plaza Real, Suite 275, Boca Raton, Florida 33432. Its shares trade on Nasdaq under GRDX.
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