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FiEE, Inc. (formerly known as MINIM, Inc.), a Delaware-incorporated manufacturer of telephone and telegraph apparatus, announced the expansion of its board of directors with the appointment of four new members. Effective April 24, 2025, Hu Bin and Cao Yu joined the board, followed by David Natan and Chan Oi Fat on April 30, 2025.
The new appointees will also serve on the company’s audit, compensation, and nominating committees. In addition, David Natan and Chan Oi Fat have entered into director agreements that include a quarterly cash fee of $12,500 and a conditional grant of 100,000 shares of FiEE’s common stock. These appointments come as the company faces financial headwinds, with InvestingPro data showing a 97.55% revenue decline and a concerning current ratio of 0.38, indicating potential liquidity challenges.
Cao Yu brings experience from her previous role as treasury director at Taifeng Cultural Communication Co., Ltd. Hu Bin has a background in tourism and advertising, having served as a director at DC International Service Trade GmbH since December 2024.
David Natan, with extensive experience in financial leadership roles, is the President and CEO of Natan & Associates, LLC. He has served on the boards of multiple public companies and was previously a director of FiEE, Inc. from November 2023 to February 2025.
Chan Oi Fat has held financial executive positions at SML Group Corporation and serves as a company secretary for multiple listed companies. He is also an independent non-executive director for several public companies.
The appointments reflect FiEE’s commitment to strengthening its leadership team. No family relationships exist between the new directors, except for Cao Yu being the niece of Hu Bin. There are no related person transactions involving the new appointees.
This news is based on a recent SEC filing by FiEE, Inc.
In other recent news, FiEE Inc. announced that its financial statements for the year ending December 31, 2023, and interim periods of 2024 should not be relied upon due to inaccuracies in reporting the total number of outstanding shares. The company plans to file restated financials after consulting with the independent accounting firm Beckles & Co. This development comes as FiEE Inc. faces compliance challenges with Nasdaq’s listing standards, including issues with shareholder approval rules and board independence. Despite these challenges, a settlement has been reached to prevent immediate delisting, allowing FiEE Inc. to present its case to the Nasdaq Hearings Panel. Additionally, the company has adopted new bylaws enabling stockholder actions by written consent, which aims to streamline decision-making processes. The Securities and Exchange Commission (SEC) has also granted a stay on the delisting of FiEE Inc.’s securities pending a review proceeding. This decision suggests FiEE Inc. has shown a likelihood of success in its claim that Nasdaq did not follow its own rules in denying the company’s appeal. The ongoing SEC review will determine the final outcome regarding the company’s listing status.
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