Minim (NASDAQ:MINM) stock is on the rise Friday after the internet connection company revealed a major stake held by private investor David Lazar.
According to a new filing with the Securities and Exchange Commission (SEC), Lazar now holds an 82.5% stake in MINM. This comes from his 7,072,867 shares held.
Breaking that down, Lazar holds 5,625,000 shares of MINM stock directly through the conversion of Series A Preferred Stock or the exercise of warrants. He also has 1,447,867 shares of the company’s stock with voting power.
Investors will note that Lazar first reported his ownership stake in Minim at the end of January 2024. At that time, he acquired 2,000,000 shares of Series A Convertible Preferred Stock and warrants for 2,800,000 shares.
What This Means for MINM Stock
Here’s what Lazar said about his stake in Minim when it was first announced in January:
“I am pleased to announce my significant investment in Minim given the meaningful opportunity I believe the Company represents and am eager to begin working with the Board of Directors and management to actively explore potential strategic options to drive shareholder value.”
MINM stock is up 43.2% as of Friday morning. This comes as some 7 million shares change hands. The company’s daily average trading volume is about 3.4 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
