Summary by Moomoo AI
Minim, Inc. (Minim) has announced a Special Meeting of Stockholders to be held virtually on February 27, 2024. The meeting will address a Securities Purchase Agreement with board member David Lazar, who plans to purchase 2,000,000 shares of preferred stock at $1.40 per share, totaling $2,800,000. This transaction, completed on January 29, 2024, is contingent on stockholder approval and includes the issuance of warrants for an additional 2,800,000 shares of common stock. The agreement also proposes a reverse stock split, an increase in authorized preferred stock to 10,000,000 shares, and the removal of limitations on adopting shareholder resolutions without a meeting. The Board of Directors unanimously recommends voting in favor of the proposals, which are intended to maintain NASDAQ listing compliance and improve financial flexibility. The meeting will also cover any other business that may arise.