UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| 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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 24, 2023 | MINIM, INC. | |
| By: | /s/ Dustin Tacker | |
| Name: | Dustin Tacker | |
| Title: | Chief Financial Officer | |