aibioEntero (now GridAI Technologies) signs deal to unwind ImmunogenX merger
Tickers GRDX
Entero Therapeutics, now GridAI Technologies, signed a rescission agreement with all former ImmunogenX shareholders. It still needs shareholder approval on or before June 30, 2025.
Key facts
- Company
- GridAI Technologies Corp. (NASDAQ: GRDX)
- News type
- Mergers
- Primary source
- GridAI Technologies Corp. 8-K (2025-03-25)
Entero Therapeutics, Inc. (now GridAI Technologies Corp.), then trading as ENTO, said on March 24, 2025 that it signed a rescission agreement with 100% of the former shareholders of ImmunogenX, LLC to unwind its earlier business combination with that company.
A rescission reverses a completed deal. Entero announced the ImmunogenX combination on December 18, 2023, and it closed on March 14, 2024.
The agreement is subject to closing conditions, including approval by Entero's shareholders, which must occur on or before June 30, 2025. Chief Executive Richard Paolone said "Unwinding this transaction puts Entero back in the game and ultimately strengthens our balance sheet," according to the March release. The release's risk language also refers to approvals needed from lenders and to the company's ability to meet its obligations as they come due and to keep its Nasdaq listing.
Later, on July 15, 2025, the parties signed an amendment adding shareholder representations and warranties, including an accredited investor representation from each former shareholder, according to a later filing. That filing describes the deal being unwound as the Agreement and Plan of Merger dated March 13, 2024.