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Nasdaq gives Minim January deadline for compliance plan amid filing delays

EditorRachael Rajan
Published 11/20/2023, 01:26 PM
© Reuters.

Minim, known for its intelligent WiFi software solutions, has been given until January 19, 2024, to present a compliance plan to Nasdaq following their missed deadline for filing the Q3 Form 10-Q. The company, which has been enhancing user experiences and privacy since 1977 through cloud platforms and intuitive apps, remains actively traded on the stock market despite these compliance issues.

On Tuesday, November 14, 2023, Minim failed to meet the Securities and Exchange Commission (SEC) deadline for submitting its quarterly report, which is a requirement under Nasdaq's rules. In response to this delay, the company filed a Form 12b-25 with the SEC the next day, indicating that they would be late in filing their financial statements.

The company is currently coordinating efforts at its Manchester headquarters to expedite the completion of their financials. If Nasdaq accepts Minim's forthcoming plan by the specified deadline in January, it could grant an extension until May 2024 for regulatory conformity. However, Nasdaq has made it clear that continued compliance with listing standards cannot be assured indefinitely and that Minim retains the right to appeal any decisions made.

InvestingPro Insights

InvestingPro's real-time data shows that despite the compliance issues, Minim's stock has shown resilience. As of the end of Q3 2023, Minim's share price has increased by 12% year-to-date, demonstrating investor confidence in the company's long-term prospects. The company's Earnings Per Share (EPS) has also grown by 8% in the last twelve months as of Q1 2023, indicating a strong financial performance.

InvestingPro Tips suggest that investors should monitor Minim's upcoming compliance plan closely. The acceptance of this plan by Nasdaq could be a significant catalyst for the company's stock. Additionally, investors are advised to keep an eye on the company's efforts to expedite the completion of their financials, as this could impact the stock's performance.

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