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Minim | 8-K: Current report

SEC announcement ·  Jan 25 09:34
Summary by Moomoo AI
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, with the remainder to be transferred upon receipt of specified funding. This move is aimed at settling liabilities owed to Motorola, while Minim will continue to provide customer and technical support. The second, a Debt Settlement Agreement, requires Minim to pay Motorola a settlement amount upon funding and to 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, in conjunction with arrangements made with other major vendors...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, with the remainder to be transferred upon receipt of specified funding. This move is aimed at settling liabilities owed to Motorola, while Minim will continue to provide customer and technical support. The second, a Debt Settlement Agreement, requires Minim to pay Motorola a settlement amount upon funding and to 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, in conjunction with arrangements made with other major vendors. The following day, on January 23, 2024, Minim entered into a Securities Purchase Agreement with David Lazar, a member of Minim's Board of Directors. Under this agreement, Lazar will purchase 2,800,000 shares of Minim's preferred stock at $1.00 per share, totaling $2,800,000. These shares will be designated as Series A Preferred Stock and are convertible into common stock at the holder's discretion. Additionally, Lazar will receive a warrant to purchase up to an additional 2,800,000 shares of common stock at the same price, subject to adjustments. The agreement is contingent upon shareholder approval of several conditions, including a reverse stock split, an increase in authorized preferred stock, and the issuance of Series A Preferred Stock to Lazar. The Board of Directors has exempted Lazar's acquisition from certain SEC regulations and granted him the right to transfer his purchase rights. The report concludes by stating that this Form 8-K is not an offer to sell or a solicitation of an offer to buy any shares.

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