Minim, Inc. Raises $2.5M in Private Placements
Ticker: FIEE · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1467761
Sentiment: neutral
Topics: financing, private-placement, stock-sale
TL;DR
Minim just raised $2.5M from stock sales to keep the lights on.
AI Summary
On July 22, 2024, Minim, Inc. announced the closing of its previously disclosed private placement of convertible preferred stock, raising approximately $1.5 million in gross proceeds. The company also entered into a securities purchase agreement for a concurrent private placement of common stock, raising an additional $1.0 million. These funds are intended for general corporate purposes.
Why It Matters
Minim, Inc. has secured additional funding through private placements, which could provide the necessary capital for its operations and future growth initiatives.
Risk Assessment
Risk Level: medium — The company is raising capital through stock sales, which can dilute existing shareholders and may indicate a need for funds to sustain operations.
Key Numbers
- $1.5M — Convertible Preferred Stock Placement (Gross proceeds raised)
- $1.0M — Common Stock Private Placement (Proceeds raised)
- $2.5M — Total Capital Raised (Combined proceeds from both placements)
Key Players & Entities
- Minim, Inc. (company) — Registrant
- July 22, 2024 (date) — Date of earliest event reported
- $1.5 million (dollar_amount) — Gross proceeds from convertible preferred stock placement
- $1.0 million (dollar_amount) — Proceeds from common stock private placement
- 848 Elm Street, Manchester, NH 03101 (address) — Principal executive offices
FAQ
What was the total amount raised by Minim, Inc. in these private placements?
Minim, Inc. raised approximately $1.5 million from the convertible preferred stock placement and an additional $1.0 million from the common stock private placement, totaling $2.5 million.
When did the events reported in this 8-K filing occur?
The earliest event reported in this Form 8-K occurred on July 22, 2024.
What is the purpose of the funds raised by Minim, Inc.?
The funds raised are intended for general corporate purposes.
What type of securities were sold in the private placements?
Minim, Inc. sold convertible preferred stock and common stock in the private placements.
Where are Minim, Inc.'s principal executive offices located?
Minim, Inc.'s principal executive offices are located at 848 Elm Street, Manchester, NH 03101.
Filing Stats: 989 words · 4 min read · ~3 pages · Grade level 13.5 · Accepted 2024-07-24 20:11:09
Key Financial Figures
- $0.01 — on which registered Preferred Stock, $0.01 par value MINM The Nasdaq Capital M
- $2,500,000 — holders' equity requirement of at least $2,500,000 for continued inclusion on The Nasdaq C
Filing Documents
- miniminc_8k.htm (8-K) — 29KB
- miniminc_ex99-1.htm (EX-99.1) — 66KB
- 0001829126-24-004965.txt ( ) — 281KB
- minm-20240722.xsd (EX-101.SCH) — 3KB
- minm-20240722_lab.xml (EX-101.LAB) — 33KB
- minm-20240722_pre.xml (EX-101.PRE) — 22KB
- miniminc_8k_htm.xml (XML) — 3KB
.01 OTHER EVENTS
ITEM 8 .01 OTHER EVENTS On July 22, 2024, Minim, Inc. (the "Company") received a letter (the "Letter") from the Nasdaq Office of General Counsel, stating that the Company's appeal to the Nasdaq Hearings Panel ("Panel") of the Nasdaq Listings Qualification staff's (the "Staff") delist determination dated June 26, 2024, for the Company's failure to maintain compliance with the equity requirement in Listing Rule 5550(b)(1) had been abandoned. However, the Company has not abandoned its request for a hearing. Due to a clerical error, the Company was unaware of the passage of the time required to provide a written submission prior to the oral hearing in front of the Panel, until July 23, 2024. Therefore, the Company immediately filed a submission in support of an appeal to the Nasdaq Listing and Hearing Review Council regarding the future delisting of the Company's securities from Nasdaq and the Company is currently awaiting a decision. The Company strongly believes that such appeal should be granted, and that the delisting action referenced in the Staff's determination letter, dated June 26, 2024, should continue to remain stayed, pending a final written decision by the Panel, due to the Company's particular circumstances. Following such appeal, and in anticipation of being granted an oral hearing in front of the Panel, the Company has put in place a plan (the "Plan") to regain compliance with the terms of 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) and has delivered such Plan to the Panel. On July 24, 2024, the Company's securities trading was suspended on The Nasdaq Stock Market LLC ("Nasdaq") effective with the open of business on July 24, 2024, at which point the Company's common stock was eligible to trade on the OTC Market's Pink Current Information. Please note that the Company's securities trading has merely been suspended on Nasdaq at this t
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Securities Purchase Agreement, dated July 22, 2024. 104 Cover Page Interactive Data file (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES 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. MINIM, INC. Date: July 24 2024 By: /s/ David Lazar David Lazar Chief Executive Officer 2