Summary by Futu AI
On November 1, 2024, the SEC granted Minim an administrative stay on its Nasdaq delisting, pending further review. This follows Nasdaq's October 23 announcement to delist Minim's common stock and subsequent Form 25 filing, which would have made the delisting effective on November 4, 2024.The company had previously sought legal intervention, obtaining a temporary restraining order from the New York State Court on August 20, 2024, to prevent the delisting. After multiple extensions, the Court denied Minim's request for a preliminary injunction on October 18, leading the company to discontinue its case against Nasdaq on October 22.Minim filed an SEC Application for Review on October 25, challenging Nasdaq's delisting decision and denial of hearing rights. The company disputes Nasdaq's Form 25 certifications, arguing it was not allowed proper review and appeal procedures under Nasdaq Rules. The SEC's administrative stay does not constitute a ruling on the merits of Minim's motion for a preliminary stay.
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