Minim Receives Nasdaq Notification
Minim (Nasdaq: MINM) received a notification from Nasdaq's Listing Qualifications Department that the company failed to meet the minimum stockholders' equity requirement of $2.5 million.
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Rhea-AI Summary
Minim (Nasdaq: MINM) received a notification from Nasdaq's Listing Qualifications Department that the company failed to meet the minimum stockholders' equity requirement of $2.5 million.
Minim has appealed this determination and requested a hearing with a Nasdaq Hearings Panel, which will suspend the delisting process until a decision is reached.
The company aims to regain compliance through a direct equity investment and/or business combination but cannot guarantee success.
Positive
- Minim has appealed the Nasdaq determination, potentially delaying the delisting process.
- The company intends to regain compliance through a direct equity investment or business combination.
Negative
- Minim failed to meet Nasdaq's minimum stockholders' equity requirement of $2.5 million.
- There is no assurance that Minim will be successful in regaining compliance.
Details
News Market Reaction – MINM
The recorded move for MINM in the trading session of this news was -2.99%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MANCHESTER, N.H., July 02, 2024 (GLOBE NEWSWIRE) -- Minim, Inc. (Nasdaq: MINM) announced today that it received a letter (the “Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Staff had determined that the Company did not meet the terms of the minimum stockholders’ equity requirement of at least
The hearing request to the Panel will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. In connection with its request for a hearing, the Company has also requested that the Staff determination be further stayed pending the resolution of the Company’s appeal.
The Company intends to regain compliance with the Stockholders’ Equity Requirement through a direct equity investment and/or business combination prior to the hearing with the Panel. However, there is no assurance that the Company will be successful in executing this plan.
About Minim
Minim, Inc. (NASDAQ: MINM) was born in 1977 as a networking company and now delivers intelligent software to protect and improve the WiFi connections we depend on to work, learn, and live. Minim’s cloud platform powers intuitive apps and a variety of routers, helping customers take control of their connected experience and privacy. Minim is headquartered in Manchester, N.H.
Contact:
David Feller
603-234-6050
dfeller@minim.com
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