Item 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING
On May 19, 2023, Minim, Inc. (the "Company") received a letter from The Nasdaq
Stock Market LLC ("Nasdaq") stating that the Company is not currently compliant
with Nasdaq's independent director, audit committee, and compensation committee
requirements as set forth in Nasdaq Listing Rule 5605. Rule 5605 requires, in
part, that listed companies have a majority independent board of directors and
an audit committee and compensation committee consisting of at least three
independent directors. The non-compliance resulted from the resignations of Mr.
Philip Frank and Ms. Sandra Howe from the Company's board of directors, audit
committee, and compensation committee, as disclosed in the Form 8-K filed by the
Company on April 7, 2023.
Nasdaq requires the Company to submit a plan to regain compliance by July 3,
2023. Upon acceptance of the plan by Nasdaq, the Company will be granted an
extension of 180 calendars days, or November 19, 2023, to evidence compliance to
Rule 5605. If Nasdaq rejects the Company's plan or the Company does not evidence
compliance with Nasdaq Listing Rule 5605, the Company will receive written
notification from Nasdaq that the shares of the Company's common stock, par
value $0.01 per share, will be delisted from Nasdaq. In the event that the
Company receives such notification from Nasdaq, it will have the right to appeal
such delisting determination to Nasdaq's hearing panel.
The Company is actively searching for a qualified individual who the Company
intends to appoint as an additional independent director to the audit committee
and compensation committee.
Receipt of the letter described above from Nasdaq has no immediate effect on the
listing of the Company's common stock.
© Edgar Online, source Glimpses