Summary by Futu AI
On February 26, 2024, Minim, Inc., a technology company incorporated in Delaware, held a special meeting where shareholders ratified several significant changes. The shareholders approved the issuance of shares of common stock upon conversion of Series A Preferred Stock or exercise of Warrants, which could result in a change of control of the company under Nasdaq rules. Additionally, an amendment was passed to increase the authorized shares of Preferred Stock to 10 million and to designate 2 million shares as 'Series A Preferred Stock.' Each share of Series A is convertible into 1.4 shares of common stock and has full ratchet protection in future offerings. Shareholders also voted in favor of a reverse stock split of common stock at a 1-for-3 ratio, with the timing to be determined by the Board of Directors. Furthermore, an amendment was approved to remove limitations on adopting shareholder resolutions without a meeting. The meeting had a quorum present and all actions were approved, as detailed in the Final Report of the Inspector of Election attached as Exhibit 99.1.
