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Minim Rises After Investor David Lazar Buys 2M Preferred Shares

Source: marketwatch.com/story/minim-rises-after-investor-david-lazar-buys-2m-preferred-shares-17e75dc7

Jan. 31, 2024 at 6:54 a.m. ET

By Rob Curran:

Shares of Minim rose after investor David E. Lazar agreed to buy 2 million preferred shares of the provider of WiFi security software.

Each preferred share is convertible to 1.4 shares of the Manchester, N.H., company's common stock. Mr. Lazar, an investor who has led distressed-investing firms Custodian Ventures and Activist Investing, agreed to buy warrants for 2.8 million more shares with a $1 exercise price.

Shares of Minim rose 18% to $3.05 premarket. Earlier in January, Minim warned that staff from the Nasdaq Stock Market had sent notice that Minim's stock wasn't in compliance with the minimum stockholders' equity requirement of at least $2.5 million. Shares were then trading around $2.96.