Minim, Inc. Announces Receipt of Nasdaq Listing Deficiency Notice

Rhea-AI Summary

Minim, Inc. (MINM) Receives Notice of Non-Compliance from Nasdaq Due to Form 10-Q Filing Delay

MANCHESTER, NH, Nov. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Minim, Inc. (Nasdaq: MINM) announced today that it received a notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on November 16, 2023 indicating that the Company is not currently in compliance with Nasdaq’s Listing Rules (the “Listing Rules”) due to the Company’s inability to timely file its Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission (“SEC”). The Notice has no immediate effect on the listing or trading of the Company’s securities. Pursuant to Listing Rule 5250(c)(1), the Company was required to file the Form 10-Q by November 14, 2023 (the “Due Date”). The Company previously reported its inability to file the Form 10-Q by the Due Date in a Form 12b-25 that the Company filed with the SEC on November 15, 2023.

Nasdaq has informed the Company that, under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or May 13, 2024, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

The Company is working diligently to complete the Form 10-Q and anticipates filing the Form 10-Q as soon as it is able.

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:
Jason Angel
910-988-6740
jason@minim.com

FAQ

What is the Notice received by Minim, Inc. from Nasdaq?

Minim, Inc. received a Notice from Nasdaq indicating that the Company is not currently in compliance with Nasdaq’s Listing Rules due to the Company’s inability to timely file its Form 10-Q for the period ended September 30, 2023 with the SEC.

What is the impact of the Notice on Minim, Inc.'s securities?

The Notice has no immediate effect on the listing or trading of the Company’s securities.

What are the next steps for Minim, Inc. to regain compliance with Nasdaq rules?

Minim, Inc. has 60 calendar days from receipt of the Notice to submit a plan to regain compliance with the Rule. If accepted, Nasdaq may grant an exception of up to 180 calendar days to regain compliance.

What happens if Nasdaq does not accept Minim, Inc.'s plan to regain compliance?

If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

Is there assurance that Minim, Inc. will be able to regain compliance within any extension period granted by Nasdaq?

There can be no assurance that the Company will be able to regain compliance within any extension period granted by Nasdaq or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules.