Manchester, NH - 
(NewMediaWire) - August 02, 2021 - Minim, Inc. (NASDAQ: MINM) (the
“Company”) today announced the closing of an underwritten public offering of
10,000,000 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 million
after deducting underwriting discounts, commissions, and other offering
expenses. In addition, the Company has granted the underwriters a 30-day option
to purchase up to an additional 1,500,000 shares at the public offering price
less the underwriting discounts and commissions.
The Company
intends to use the net proceeds it receives from the offering for general
corporate and working capital purposes, which may include inventory
optimization, development and marketing of new product offerings and expansion
into global markets.
B. Riley
Securities acted as the sole book-running manager and Northland Capital Markets
acted as co-manager for the offering.
The
Securities and Exchange Commission (“SEC”) declared effective a registration
statement on Form S-1 relating to these securities on July 28, 2021. A final
prospectus 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 be
obtained, when available, by contacting B. Riley Securities, Attention:
Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA
22209, or by telephone at (703) 312-9580 or by email at
prospectuses@brileyfin.com.
This press
release shall not constitute an offer to sell, or the solicitation of an offer
to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
About Minim
Minim, Inc.
(NASDAQ: MINM) is the creator of intelligent networking products that
dependably connect people to the information they need and the people they
love. Headquartered in Manchester, NH, the company delivers smart
software-driven communications products under the globally recognized Motorola
brand and ZOOM® trademark. Minim end users benefit from a personalized and
secure WiFi experience, leading to happy and safe homes where things just work.
MOTOROLA
and the Stylized M Logo are trademarks or registered trademarks of Motorola
Trademark Holdings, LLC and are used under license.
Media
Contact:
Michele
Clarke at (203) 912-0560 or michele.clarke@minim.com
Investor
Relations Contact:
James
Carbonara, Hayden IR at (646) 755-7412 or james@haydenir.com
Forward-Looking
Statements
This press
release contains “forward-looking statements”, within the meaning of the safe
harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Such forward-looking statements relate to Minim’s plans, expectations, and
intentions. Actual results may be materially different from expectations as a
result of known and unknown risks, including: risks associated with Minim’s
potential inability to realize intended benefits of the merger; the potential
increase in tariffs on the company’s imports; potential difficulties and supply
interruptions from moving the manufacturing of most of the company’s products
to Vietnam; risks relating to global semiconductor shortages; potential changes
in NAFTA; the potential need for additional funding which Minim may be unable
to obtain; declining demand for certain of Minim’s products; delays,
unanticipated costs, interruptions or other uncertainties associated with
Minim’s production and shipping; Minim’s reliance on several key outsourcing
partners; uncertainty of key customers’ plans and orders; risks relating to
product certifications; Minim’s dependence on key employees; uncertainty of new
product development, including certification and overall project delays, budget
overruns; the risk that newly introduced products may contain undetected errors
or defects or otherwise not perform as anticipated; costs and senior management
distractions due to patent related matters; risks from a material weakness in
our internal control over financial reporting; the impact of the COVID-19
pandemic; and other risks set forth in Minim’s filings with the Securities and
Exchange Commission. Minim cautions readers not to place undue reliance upon
any such forward-looking statements, which speak only as of the date made.
Minim expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statements to reflect any change in Minim’s
expectations or any change in events, conditions or circumstance on which any
such statement is based.
