Minim settles $15.9M Motorola debt via inventory transfer; raises $2.8M from board member Lazar

FiEE, Inc.

Minim transfers inventory and support software to Motorola to settle at least $15.9M in guaranteed minimum royalties.
Motorola will not pay cash; reduction of owed GMR is the sole consideration for the transferred products.
Minim raises $2.8M by selling 2.8M Series A preferred shares at $1.00 each to board member David Lazar.
Shares are convertible into common with full ratchet adjustment; Lazar also receives warrant for 2.8M shares at $1.00.
Closing requires shareholder approval of 1-for-3 reverse stock split, increase in authorized preferred to 10M shares, and other charter amendments.

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