On January 22, 2024, Minim, Inc., a technology company incorporated in Delaware, entered into two significant agreements with Motorola Mobility, LLC. The first, a Letter Agreement, involved the transfer of a portion of Minim's inventory to Motorola to settle liabilities, with the remainder to be transferred upon securing funding. Additionally, Minim will continue to provide customer and technical support. The second, a Debt Settlement Agreement, stipulates that Minim will pay Motorola a settlement amount upon receiving the funding and will transfer additional funds as they are collected from Minim's customers. These agreements are part of Minim's strategy to streamline operations and reduce current liabilities. The following day, Minim entered into a Securities Purchase Agreement with board member David Lazar...Show More

On January 22, 2024, Minim, Inc., a technology company incorporated in Delaware, entered into two significant agreements with Motorola Mobility, LLC. The first, a Letter Agreement, involved the transfer of a portion of Minim's inventory to Motorola to settle liabilities, with the remainder to be transferred upon securing funding. Additionally, Minim will continue to provide customer and technical support. The second, a Debt Settlement Agreement, stipulates that Minim will pay Motorola a settlement amount upon receiving the funding and will transfer additional funds as they are collected from Minim's customers. These agreements are part of Minim's strategy to streamline operations and reduce current liabilities. The following day, Minim entered into a Securities Purchase Agreement with board member David Lazar, agreeing to sell 2 million shares of preferred stock at $1.40 per share, totaling $2.8 million, subject to shareholder approval and other closing conditions. The preferred stock will be designated as Series A and is convertible into common stock, with Lazar also receiving warrants to purchase additional common stock. The agreement includes conditions such as shareholder approval for a reverse stock split, an increase in authorized preferred stock, and changes to the company's Certificate of Incorporation and By-Laws. The Board of Directors has exempted Lazar's acquisition from certain SEC regulations and granted him rights to sell or transfer the securities. This report, filed with the SEC, clarifies the terms of the Securities Purchase Agreement, correcting the previously reported number of shares and price per share.