GridAI Technologies Signs Definitive Agreement to Acquire Pronghorn Resources, Establishing Major Wyoming Owned-Natural Gas and Multi-Gigawatt AI Power Infrastructure Platform Targeting Initial Power Delivery in 2027

(NASDAQ:GRDX) GridAI Technologies Corp. announced it has entered into a Definitive Share Exchange Agreement to acquire Pronghorn Resources LLC, a substantial producing natural gas and energy infrastructure platform in Wyoming’s Powder River Basin. The acquisition establishes GridAI as a vertically integrated provider of dedicated power and infrastructure for the artificial intelligence and hyperscale data center industries. Jason Sawyer, Chief Executive Officer of GridAI Technologies Corp., stated that Pronghorn provides the fuel, infrastructure, and operating foundation to address the critical constraint of reliable power for AI infrastructure growth in Wyoming. Pronghorn’s business includes approximately 100 million cubic feet per day of gross natural gas production, nearly 2 trillion cubic feet of estimated gas reserves, almost 1,000,000 acres of mineral and leasehold interests, more than 450 miles of owned pipeline infrastructure, significant water resources, and a 190-person workforce. The existing energy infrastructure represents approximately $1.7 billion in historical capital expenditure. The company is targeting initial power delivery in 2027, with phased expansion aligned to customer commitments, financing, and project approvals. Pronghorn’s current production is enough to fuel up to approximately 600 MW of gas-fired power generation, supported by approximately 3,200 producing natural gas wells. The company has an ongoing well workover and rehabilitation program, with planned new drilling activity to increase production. Owned water resources include nearly 14 million gallons (approximately 330,000 barrels) of daily water production. GridAI intends to leverage these assets to develop reliable, dispatchable behind-the-meter electric power, supplemented by grid-connected or grid-supported infrastructure for hyperscale AI computing campuses. The company entered into an agreement with Sigma9 Capital Ltd. to acquire exclusive FANCO Wyoming development rights, central to which is the FANCO Bridge Power platform designed for accelerated deployment of reliable, dispatchable electricity generation ahead of eventual small modular reactor deployment. The longer-term strategy includes the potential integration of advanced nuclear power, with SMR units ultimately designed for baseload power of 1.44 MWe in a 6-unit cluster. U.S. Department of Energy-supported research has estimated that un-mineable coal seams within the Powder River Basin could potentially accommodate approximately 14 billion metric tons of carbon dioxide, and GridAI intends to evaluate the integration of carbon capture and geological sequestration with its planned infrastructure. Under the share exchange agreement, Pronghorn members will exchange all outstanding membership units for 1,247,887 shares of GridAI common stock and up to 129,504 shares of newly designated Series I Convertible Preferred Stock, including 13,200 shares to be held in escrow and 6,600 shares issuable upon achievement of a well workover milestone, subject to adjustment. Conversion is subject to GridAI stockholder approval, Nasdaq approval of the listing of the conversion shares, and a beneficial ownership limitation. As consideration for the assignment of the exclusive FANCO Wyoming rights, GridAI will issue to Sigma9 Capital Ltd. 794,109 shares of common stock and 82,411 shares of Series I Convertible Preferred Stock, subject to adjustment. The shares issued in the transactions will be subject to 30-month lock-up agreements. Series I holders will receive registration rights, and Pronghorn members will have the right to designate one director to GridAI’s Board of Directors at closing. The transaction is anticipated to close on or before November 22, 2026. Additional details and terms will be set forth in a Current Report on Form 8-K to be filed by GridAI with the SEC.

GridAI Technologies Corp. Announces Receipt of NASDAQ Notice Regarding Late Form 10-K Filing

GridAI Technologies Corp. (NASDAQ: GRDX) announced that it received a letter from Nasdaq on April 22, 2026, indicating non-compliance with the filing of periodic financial reports requirement due to not filing its 10-K for the period ended December 31, 2025. The company has 60 calendar days from April 22, 2026, to submit a plan to regain compliance. If accepted, Nasdaq may grant an extension of up to 180 calendar days from April 15, 2026. The delay is attributed to the complexity in reviewing the accounting treatment related to the recent acquisition of Grid AI Corp. The company intends to file its Annual Report on Form 10-K as soon as possible.