Minim, Inc. (NASDAQ: MINM) is experiencing a significant surge in its stock price during pre-hours trading today, soaring by 45.31% to reach $7.28. This upward momentum followed a 9.15% increase in Minim’s stock price during the previous trading session, closing at $5.01. The news of a merger deal issued by the firm after the market closed the day before caused the abrupt increase.
Minim (MINM) revealed its intention to combine with privately held e2Companies, LLC in an all-stock deal in the merger agreement. The merged company intends to focus on developing exclusive grid upgrade solutions. It is anticipated that the merger will occur in the second quarter of 2024, after which the two companies will merge into one trading on the Nasdaq Capital Market and operating under the name e2Companies, Inc.
The timing of this partnership is excellent for e2Companies, as it advances in commercializing its technology platform and the aging grid infrastructure in the country demands innovation. The merger with Minim is expected to expedite the development of AI data-driven networking solutions, crucial for addressing the demands of the energy sector.
After conducting a thorough merger process, MINM concluded that e2Companies has the potential to revolutionize the energy sector with its Grid 3.0 energy solutions. According to the terms of the Agreement and Plan of Merger, e2Companies will merge with a wholly owned subsidiary of Minim, becoming a wholly owned subsidiary itself. Each common unit of e2Companies will be converted into Minim common stock based on a fixed exchange ratio.
Following the merger, Minim, Inc. will be rebranded as “e2Companies, Inc.,” with its headquarters situated in Bonita Springs, FL. The combined company’s Board of Directors will comprise seven members, with two designated by Minim. e2Companies CEO James Richmond will lead the merged company and draw on his vast industry experience and knowledge.
Boards of Directors of Minim and e2Companies have approved the deal, which is expected to close in 2024. A strategic move by Minim is to combine with e2Companies, which is positioned to lead innovation and revolution in grid modernization, to strengthen its position in the energy industry.
