Minim, a leading provider of WiFi connection software, has recently experienced a significant increase in its stock price and trading volume. The company, however, stated that it is not aware of any undisclosed information that could explain this surge.
As of the latest update, the stock price has soared to $7.50, a remarkable jump from the previous day’s closing price of 91 cents. This surge in demand has resulted in over 68 million shares being traded, far surpassing the average of 135,988 shares over the past 65 days.
Despite these developments, Minim made it clear that commenting on market activity or rumors is not their usual practice. They maintain their focus on delivering top-quality software solutions to protect and enhance WiFi connections.
It should be noted that Minim has recently faced liquidity challenges and has actively explored various alternatives to address the situation, including the possibility of filing for bankruptcy. The company attributes these difficulties to supply disruptions from their primary manufacturing partners, which were caused by their inability to meet past financial obligations. To mitigate the impact, Minim has already implemented two rounds of workforce reductions and downsized their team from 41 full-time employees to nine.