WIFI - Minim Announces Closing of $25 Million Public Offering of Common Stock
Manchester, NH - (NewMediaWire) - August 02, 2021 - Minim, Inc. (NASDAQ: MINM) (the“Company”) today announced the closing of an underwritten public offering of10,000,000 shares of the Company’s common stock at a public offering price of$2.50 per share for aggregate gross proceeds of approximately $22.7 millionafter deducting underwriting discounts, commissions, and other offeringexpenses. In addition, the Company has granted the underwriters a 30-day optionto purchase up to an additional 1,500,000 shares at the public offering priceless the underwriting discounts and commissions.
The Companyintends to use the net proceeds it receives from the offering for generalcorporate and working capital purposes, which may include inventoryoptimization, development and marketing of new product offerings and expansioninto global markets.
B. RileySecurities acted as the sole book-running manager and Northland Capital Marketsacted as co-manager for the offering.
TheSecurities and Exchange Commission (“SEC”) declared effective a registrationstatement on Form S-1 relating to these securities on July 28, 2021. A finalprospectus relating to this offering was filed with the SEC on July 29, 2021.The offering was made only by means of a prospectus, copies of which may beobtained, when available, by contacting B. Riley Securities, Attention:Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA22209, or by telephone at (703) 312-9580 or by email atprospectuses@brileyfin.com.
This pressrelease shall not constitute an offer to sell, or the solicitation of an offerto buy, nor shall there be any sale of these securities in any state orjurisdiction in which such offer, solicitation or sale would be unlawful priorto registration or qualification under the securities laws of any such state orjurisdiction.
About Minim
Minim, Inc.(NASDAQ: MINM) is the creator of intelligent networking products thatdependably connect people to the information they need and the people theylove. Headquartered in Manchester, NH, the company delivers smartsoftware-driven communications products under the globally recognized Motorolabrand and ZOOM® trademark. Minim end users benefit from a personalized andsecure WiFi experience, leading to happy and safe homes where things just work.
MOTOROLAand the Stylized M Logo are trademarks or registered trademarks of MotorolaTrademark Holdings, LLC and are used under license.
MediaContact:
MicheleClarke at (203) 912-0560 or michele.clarke@minim.com
InvestorRelations Contact:
JamesCarbonara, Hayden IR at (646) 755-7412 or james@haydenir.com
Forward-LookingStatements
This pressrelease contains “forward-looking statements”, within the meaning of the safeharbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.Such forward-looking statements relate to Minim’s plans, expectations, andintentions. Actual results may be materially different from expectations as aresult of known and unknown risks, including: risks associated with Minim’spotential inability to realize intended benefits of the merger; the potentialincrease in tariffs on the company’s imports; potential difficulties and supplyinterruptions from moving the manufacturing of most of the company’s productsto Vietnam; risks relating to global semiconductor shortages; potential changesin NAFTA; the potential need for additional funding which Minim may be unableto obtain; declining demand for certain of Minim’s products; delays,unanticipated costs, interruptions or other uncertainties associated withMinim’s production and shipping; Minim’s reliance on several key outsourcingpartners; uncertainty of key customers’ plans and orders; risks relating toproduct certifications; Minim’s dependence on key employees; uncertainty of newproduct development, including certification and overall project delays, budgetoverruns; the risk that newly introduced products may contain undetected errorsor defects or otherwise not perform as anticipated; costs and senior managementdistractions due to patent related matters; risks from a material weakness inour internal control over financial reporting; the impact of the COVID-19pandemic; and other risks set forth in Minim’s filings with the Securities andExchange Commission. Minim cautions readers not to place undue reliance uponany such forward-looking statements, which speak only as of the date made.Minim expressly disclaims any obligation or undertaking to release publicly anyupdates or revisions to any such statements to reflect any change in Minim’sexpectations or any change in events, conditions or circumstance on which anysuch statement is based.