Minim, Inc. (MINM) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 22, 2024, Minim, Inc. entered into two agreements with Motorola Mobility, LLC to transfer inventory and settle liabilities, and believes these agreements will streamline operations and reduce liabilities. The following day, Minim, Inc. made an agreement with board member David Lazar to sell 2,800,000 shares of preferred stock at $1 each. The shares come with conversion rights to common stock and full ratchet protection, and Lazar also received a warrant to purchase an additional 2,800,000 common shares at the same price. The sale is contingent on shareholder approval for several corporate actions and is designed to comply with Nasdaq rules and securities regulations.
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