MINIM Receives Nasdaq Delisting Notice for Bid Price Non-Compliance
Ticker: FIEE · Form: 8-K · Filed: Jan 12, 2024 · CIK: 1467761
Complexity: simple
Sentiment: bearish
Topics: delisting-notice, compliance-failure, stock-exchange, bid-price
TL;DR
**MINIM got a delisting notice from Nasdaq for low stock price, big trouble for shareholders.**
AI Summary
MINIM, INC. (MINM) announced on January 11, 2024, that it received a delisting notice from The Nasdaq Capital Market because it failed to maintain the minimum bid price of $1.00 per share. This is a critical development for shareholders because if the company cannot regain compliance, its stock will be delisted, making it harder to trade and potentially reducing its value significantly.
Why It Matters
This filing indicates MINIM, INC. is at risk of being delisted from Nasdaq, which could severely impact the stock's liquidity and investor confidence, making it a much riskier investment.
Risk Assessment
Risk Level: high — The risk of delisting from a major exchange like Nasdaq is a significant event that can lead to reduced liquidity and investor interest, making it a high-risk situation for current and potential investors.
Analyst Insight
A smart investor would carefully evaluate MINIM, INC.'s plan to regain Nasdaq compliance and consider the significant risks associated with potential delisting before making any investment decisions, potentially reducing exposure or avoiding the stock altogether.
Key Numbers
- $1.00 — Minimum Bid Price (The threshold MINIM, INC. failed to maintain for continued listing on Nasdaq.)
Key Players & Entities
- MINIM, INC. (company) — the registrant receiving the delisting notice
- The Nasdaq Capital Market (company) — the exchange from which MINIM, INC. is at risk of delisting
- $1.00 (dollar_amount) — the minimum bid price requirement MINIM, INC. failed to satisfy
- January 11, 2024 (date) — the date of the earliest event reported regarding the delisting notice
Forward-Looking Statements
- MINIM, INC. will struggle to regain compliance with Nasdaq's minimum bid price requirement. (MINIM, INC.) — medium confidence, target: 2024-07-11
- The stock price of MINM will experience increased volatility due to delisting concerns. (MINM) — high confidence, target: 2024-04-11
FAQ
What is the primary reason MINIM, INC. received a delisting notice from Nasdaq?
MINIM, INC. received a delisting notice because it failed to satisfy a continued listing rule or standard, specifically the minimum bid price requirement of $1.00 per share on The Nasdaq Capital Market, as reported on January 11, 2024.
What is the trading symbol for MINIM, INC.?
The trading symbol for MINIM, INC. is MINM, as stated in the filing under 'Title of Each Class' and 'Trading Symbol'.
On which exchange is MINIM, INC.'s common stock currently registered?
MINIM, INC.'s common stock, with a $.01 par value per share, is registered on The Nasdaq Capital Market.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is January 11, 2024.
What is MINIM, INC.'s business address?
MINIM, INC.'s business address is 848 Elm Street, Manchester, NH 03101, with a business phone number of (833) 966-4646.
Filing Stats: 610 words · 2 min read · ~2 pages · Grade level 14.3 · Accepted 2024-01-12 16:30:23
Key Financial Figures
- $2,500,000 — holders' equity requirement of at least $2,500,000 for continued inclusion on The Nasdaq C
- $135,637 — ompany reported stockholders' equity of $135,637, which was below the Stockholders' Equi
Filing Documents
- form8-k.htm (8-K) — 36KB
- 0001493152-24-002211.txt ( ) — 203KB
- minm-20240111.xsd (EX-101.SCH) — 3KB
- minm-20240111_lab.xml (EX-101.LAB) — 33KB
- minm-20240111_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 11, 2024 MINIM, INC. (Exact Name of Registrant as Specified in Charter) Delaware 001-37649 04-2621506 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 848 Elm Street Manchester , NH 03101 (Address of principal executive offices, including zip code) (833) 966-4646 (Registrant's Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act Title of Each Class Trading Symbol Name of Each Exchange On Which Registered Common Stock, $.01 par value per share MINM The Nasdaq Capital Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). 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 13(a) of the Exchange Act. Item 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING On January 11, 2024, Minim, Inc. (the "Company") received a deficiency letter (the "Letter") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum stockholders' equity requirement of at least $2,500,000 for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"). In the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, the Company reported stockholders' equity of $135,637, which was below the Stockholders' Equity Requirement. In accordance with Nasdaq rules, the Company has 45 calendar days, or until February 26, 2024, to submit a plan to the Staff to regain compliance (the "Compliance Plan") with the Stockholders' Equity Requirement. If the Compliance Plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Letter for the Company to evidence compliance. The Company must submit a Compliance Plan to the Staff on or before February 26, 2024 and is considering available options to regain compliance with the Stockholders' Equity Requirement. However, there is no assurance that the Company will be successful in developing the Compliance Plan, that the Compliance Plan will be accepted by Nasdaq, or even if it is accepted, that the Company will ultimately be able to regain compliance with the Stockholders' Equity Requirement within the allotted extension period, which may be less than 180 calendar days. Receipt of the letter described above from Nasdaq has no immediate effect on the listing of the Company's common stock. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 12, 2024 MINIM, INC. By: /s/ Jeremy Hitchcock Name: Jeremy Hitchcock Title: Executive Chairman of the Company