# EDGAR Filing Document

**Accession Number:** 0001743725
**File Stem:** 0001104659-26-024200
**Filing Date:** 2026-3
**Character Count:** 32840
**Document Hash:** 481374aeb5a984e52c2e29d89eb7ec25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024200.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001104659-26-024200

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRID DYNAMICS HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001743725
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 830632724
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294064
- **FILM NUMBER:** 26727273

**BUSINESS ADDRESS:**
- **STREET 1:** 6101 BOLLINGER CANYON ROAD
- **STREET 2:** SUITE 465
- **CITY:** SAN RAMON
- **STATE:** CA
- **ZIP:** 94583
- **BUSINESS PHONE:** (650) 523-5000

**MAIL ADDRESS:**
- **STREET 1:** 6101 BOLLINGER CANYON ROAD
- **STREET 2:** SUITE 465
- **CITY:** SAN RAMON
- **STATE:** CA
- **ZIP:** 94583

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ChaSerg Technology Acquisition Corp
- **DATE OF NAME CHANGE:** 20180615

**As filed with the Securities and Exchange Commission on March 5, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**Under**

**The Securities Act of 1933**

**GRID DYNAMICS HOLDINGS, INC.**

(Exact name of Registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **83-0632724** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

---

| |
|:---|
| **6101 Bollinger Canyon Road, Suite 465**<br> **San Ramon, CA 94583**<br> **(650) 523-5000** |
| (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) |

---

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| |
|:---|
| **Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan** |
| (Full title of the plan) |

---

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| |
|:---|
| **Leonard Livschitz**<br> **Chief Executive Officer**<br> **6101 Bollinger Canyon Road, Suite 465**<br> **San Ramon, CA 94583**<br> **(650) 523-5000** |
| (Name, address and telephone number, including area code, of agent for service) |

---

*Copies to:*

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| | |
|:---|:---|
| **Matthew D. Berger<br> Jeffrey S. Hochman<br> Scott D. Thompson<br> Willkie Farr & Gallagher LLP<br> 787 Seventh Avenue<br> New York, New York 10019<br> (212) 728-8000** | **Leonard Livschitz<br> Chief Executive Officer<br> 6101 Bollinger Canyon Road, Suite 465<br> San Ramon, CA 94583<br> (650) 523-5000** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ⌧ <br> Non-accelerated filer ◻ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**Explanatory Note**

On May 12, 2020, Grid Dynamics Holdings, Inc. (the "Registrant") filed a Registration Statement on Form S-8 (Registration No. 333-238203) (the "Prior Registration Statement"), to register an aggregate of 16,300,000 shares of the Registrant's common stock, par value $0.0001 per share (the "Common Stock"), for issuance under the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan (as may be amended or restated from time to time, the "Plan").

On October 22, 2025, the Board of Directors of the Registrant approved an amendment to the Plan to increase the number of shares of the Common Stock available for issuance under the Plan by 3,500,000 shares.

At the Registrant's 2025 Annual Meeting of Shareholders, on December 23, 2025, the increase of shares available under the Plan was approved by the shareholders of the Registrant. The Registrant is filing this Registration Statement on Form S-8 (this "Registration Statement") for the purpose of registering under the Securities Act of 1933, as amended (the "Securities Act"), such additional 3,500,000 shares of Common Stock for issuance under the Plan. The additional shares of Common Stock being registered by this Registration Statement are of the same class as those securities registered on the Prior Registration Statement and represent an increase in the total shares available for issuance under the Plan by 3,500,000. Pursuant to General Instruction E to Form S-8, the Registrant incorporates by reference into this Registration Statement the contents of the Prior Registration Statement, including all exhibits filed therewith or incorporated therein by reference, except as expressly modified herein.

**PART I**

**INFORMATION REQUIRED IN THE PROSPECTUS**

The information required by Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and Exchange Commission (the "SEC"):

(1) The Registrant's Annual Report on [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001743725/000174372526000007/gdyn-20251231.htm) for the fiscal year ended December 31, 2025, filed with the SEC on March 5, 2026;

(2) The Registrant's [Form 10-K/A](https://www.sec.gov/Archives/edgar/data/1743725/000110465925041305/tmb-20241231x10ka.htm) for the fiscal year ended December 31, 2024, filed with the SEC on April 29, 2025;

(3) The Registrant's Current Report on [Form 8-K](https://www.sec.gov/Archives/edgar/data/1743725/000110465926021573/tm267505d1_8k.htm) filed on February 27, 2026; and

(4) The description
 of the Common Stock contained in the Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1743725/000121390018013423/f8a12b100318_chasergtech.htm) filed with the SEC on October 3, 2018 pursuant
 to Section 12(b) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), and any amendment
 or report filed for the purpose of updating such description, including [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1743725/000162828022004939/gdyn-20211231xex42.htm) to our Annual Report on Form 10-K,
 filed with the SEC on March 3, 2022.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; *provided*, *however*, that documents or information deemed to have been furnished and not filed in accordance with the rules of the SEC shall not be deemed incorporated by reference into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 145 of the Delaware General Corporation Law (the "DGCL") authorizes a corporation's board of directors to grant, and authorizes a court to award, indemnity to officers, directors and other corporate agents.

The Registrant's amended and restated certificate of incorporation contains provisions that limit the liability of its directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Registrant's directors are not personally liable to it or its stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:

· any breach of their duty of loyalty to the Registrant or its stockholders;

· any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

· unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; or

· any transaction from which they derived an improper personal benefit.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment or repeal. If the DGCL is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of the Registrant's directors will be further limited to the greatest extent permitted by the DGCL.

In addition, the Registrant's amended and restated bylaws provide that it will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of its directors or officers or is or was serving at its request as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. The Registrant's amended and restated bylaws provide that it may indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of its employees or agents or is or was serving at its request as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The Registrant's amended and restated bylaws also provide that the Registrant must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, the Registrant has entered into indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require the Registrant, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding. The Registrant believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are included in the Registrant's amended and restated certificate of incorporation, amended and restated bylaws and in indemnification agreements that the Registrant has entered into or will enter into with its directors and executive officers may discourage stockholders from bringing a lawsuit against its directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant's directors and executive officers, even though an action, if successful, might benefit the Registrant and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, the Registrant is not aware of any pending litigation or proceeding involving any person who is or was one of its directors, officers, employees or other agents or is or was serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and the Registrant is not aware of any threatened litigation that may result in claims for indemnification.

The Registrant has obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to its directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to the Registrant with respect to payments that may be made by it to these directors and executive officers pursuant to its indemnification obligations or otherwise as a matter of law.

Certain of the Registrant's non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of the Registrant's board of directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the company pursuant to the foregoing provisions, the Registrant has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The Registrant has filed the exhibits listed on the accompanying Exhibit Index of this Registration Statement.

**EXHIBIT INDEX**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit**<br>**Number** | <br>**Exhibit Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** |
| [4.1\*](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) | [Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) | [10-Q](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) | [001-38685](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) | [10.1](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) | [May 11, 2020](https://www.sec.gov/Archives/edgar/data/1743725/000121390020011690/f10q0320ex10-1_griddynamics.htm) |
| [4.2\*](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) | [Amendment to the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) | [8-K](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) | [001-38685](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) | [10.1](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) | [December 23, 2025](https://www.sec.gov/Archives/edgar/data/1743725/000110465925124231/tm2534252d1_ex10-1.htm) |
| [5.1](tm267949d1_ex5-1.htm) | [Opinion of Willkie Farr & Gallagher LLP.](tm267949d1_ex5-1.htm) |  |  |  |  |
| [23.1](tm267949d1_ex23-1.htm) | [Consent of Grant Thornton LLP.](tm267949d1_ex23-1.htm) |  |  |  |  |
| [23.2](tm267949d1_ex5-1.htm) | [Consent of Willkie Farr & Gallagher LLP (included in Exhibit 5.1 hereto).](tm267949d1_ex5-1.htm) |  |  |  |  |
| [24.1](#a_001) | [Power of Attorney (included on the signature page hereto).](#a_001) |  |  |  |  |
| [107](tm267949d1_ex-filingfees.htm) | [Filing Fee Table.](tm267949d1_ex-filingfees.htm) |  |  |  |  |

---

\* Previously Filed.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Ramon, State of California, on March 5, 2026.

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| | |
|:---|:---|
| **GRID DYNAMICS HOLDINGS, INC.** | **GRID DYNAMICS HOLDINGS, INC.** |
| By: | /s/ Leonard Livschitz |
|  | Leonard Livschitz |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Leonard Livschitz and Anil Doradla, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, proxy, and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact, proxy and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Leonard Livschitz | Chief Executive Officer and Director | March 5, 2026 |
| Leonard Livschitz | (Principal Executive Officer) |  |
| /s/ Anil Doradla | Chief Financial Officer | March 5, 2026 |
| Anil Doradla | (Principal Financial and Accounting Officer) |  |
| /s/ Lloyd Carney |  | March 5, 2026 |
| Lloyd Carney | Chairman of the Board and Director |  |
| /s/ Eric Benhamou |  |  |
| Eric Benhamou | Director | March 5, 2026 |
| /s/ Marina Levinson |  |  |
| Marina Levinson | Director | March 5, 2026 |
| /s/ Patrick Nicolet |  |  |
| Patrick Nicolet | Director | March 5, 2026 |
| /s/ Michael Southworth |  |  |
| Michael Southworth | Director | March 5, 2026 |
| /s/ Weihang Wang |  |  |
| Weihang Wang | Director | March 5, 2026 |
| /s/ Yueou Wang |  |  |
| Yueou Wang | Director | March 5, 2026 |
| /s/ Shuo Zhang |  |  |
| Shuo Zhang | Director | March 5, 2026 |

---

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](tm267949d1_ex5-1img001.jpg) | 787 Seventh Avenue<br> New York, NY 10019-6099<br> Tel: 212 728 8000<br> Fax: 212 728 8111 |

---

March 5, 2026

Grid Dynamics Holdings, Inc.<br> 6101 Bollinger Canyon Road, Suite 465<br> San Ramon, CA 94583

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Grid Dynamics Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), with respect to the Company's Registration Statement on Form S-8 (the "<u>Registration Statement</u>") to be filed by the Company with the Securities and Exchange Commission on or about the date hereof. The Registration Statement relates to the registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), by the Company of 3,500,000 shares (the "<u>Shares</u>") of the Company's common stock, par value $0.0001 per share, reserved for issuance under the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan, as amended as of the date hereof (the "<u>Plan</u>").

We have examined, among other things, originals and/or copies (certified or otherwise identified to our satisfaction) of such documents, papers, statutes, and authorities as we have deemed necessary to form a basis for the opinion hereinafter expressed. In our examination, we have assumed the genuineness of all signatures and the conformity to original documents of all copies submitted to us. As to various questions of fact material to our opinion, we have relied without independent check or verification upon statements and certificates of officers and representatives of the Company.

Based on the foregoing, and subject to the limitations set forth herein, we are of the opinion that, when the Registration Statement has become effective under the Act, the Shares to be issued by the Company under the Plan, when duly issued and delivered pursuant to the terms of the Plan, will be validly issued, fully paid, and non-assessable.

This opinion is limited to the General Corporation Law of the State of Delaware, and we express no opinion with respect to the laws of any other jurisdiction or any other laws of the State of Delaware. This opinion speaks only as of the date hereof and is limited to present statutes, regulations and administrative and judicial interpretations. We undertake no responsibility to update or supplement this opinion after the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act and any rules and regulations promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Willkie Farr & Gallagher LLP |
| Willkie Farr & Gallagher LLP |

---

Brussels Chicago Dallas Frankfurt Hamburg Houston London Los Angeles

Milan Munich New York Palo Alto Paris Rome San Francisco Washington

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our reports dated March 5, 2026, with respect to the consolidated financial statements and internal control over financial reporting of Grid Dynamics Holdings, Inc. included in the Annual Report on Form 10-K for the year ended December 31, 2025, which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.

/s/ GRANT THORNTON LLP

San Francisco, California

March 5, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GRID DYNAMICS HOLDINGS, INC.**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, par value $0.0001 per share | 457(a) | 3500000 | $6.70 | $23450000.00 | 0.0001381 | $3238.44 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $23450000.00  |  | $3238.44  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $3238.44  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (A) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 to which this exhibit relates also registers an indeterminable number of additional shares of common stock of Grid Dynamics Holdings, Inc., par value $0.0001 per share ("Common Stock"), as may hereafter be offered or issued under the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan (as may be amended or restated from time to time, the "Plan") to prevent dilution resulting from any future stock splits, stock dividends or similar adjustments of the outstanding Common Stock. (B) Estimated solely for purposes of calculating the amount of the registration fee, pursuant to Rules 457(c) and 457(h) under the Securities Act based on the average of the high and low prices per share of Common Stock of $6.70 on February 27, 2026, as reported on the Nasdaq Global Select Market. (C) Represents the additional 3,500,000 shares of Common Stock reserved and available for issuance under the Plan as of December 23, 2025.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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