David E. Lazar announced ownership interest in Minim, Inc (MINM)

Key Summary: David Lazar acquires 2M Series A Pref. Stock, with conversion, warrants, and plans for shareholder value

Market Cap: $7 million | Minim, Inc., together with its subsidiaries, designs, manufactures, markets, sells, and supports Internet access and other communications-related products in North America and internationally.

On January 30, 2024, David E. Lazar has acquired 2,000,000 shares of Series A Convertible Preferred Stock. Each Series A Preferred Stock is convertible into 1.4 shares of Common Stock. Additionally, Mr. Lazar received warrants to purchase up to 2,800,000 shares of Common Stock at $1.00 per share, subject to adjustment. The conversion and exercise of these securities into Common Stock require stockholder approval. Mr. Lazar expressed enthusiasm about his investment and a willingness to explore strategic options to enhance shareholder value in collaboration with the Board of Directors and management. Source

Past

Jeremy P. Hitchcock (17.9%), a non-employee Director, expressed concerns about the company's performance and corporate governance from October 2019. In response, a special Board meeting on January 16, 2020, led to corporate governance changes, including the retirement of Frank B. Manning as CEO and the appointment of Joseph L. Wytanis as CEO, Jacquelyn Barry Hamilton as acting CFO, and Jeremy Hitchcock as Chairman of the Board.

On September 26, 2020, the company ("Zoom, Inc") entered into an Exclusivity Agreement with Minim Inc. (“Minim”) regarding a possible business combination. Mr. Hitchcock (37%) serves as Executive Chairman of Minim, and members of the Group collectively hold approximately 43% of the voting shares of Minim, on a fully diluted basis. On November 12, 2020, the company announced the signing of a definitive merger agreement pursuant to which Zoom will acquire Minim Inc. Under the terms of the agreement, the two companies will merge in a non-cash, stock transaction valuing Minim at $30 million. On December 4, 2020, the company completed its merger with Minim Inc.

On August 20, 2021, a Settlement Agreement was reached between the company, Mr. Hitchcock, and stockholder Eric Griffith. As per the agreement, for either four years or until Mr. Hitchcock's beneficial ownership drops below 35% of total shares, the company must maintain a majority of independent directors on its board, and Hitchcock and affiliates cannot acquire more company stock for the initial 18 months after the agreement's execution.