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MIND Technology, Inc., 9.00% Series A Cumulative Preferred Stock
Ticker Symbol: MINDP     CUSIP: 606501302     Exchange: NGS
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  MIND Technology, Inc. fomerly, Mitcham Industries, 9.00% Series A Cumulative Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/8/2021 at $25 per share plus accrued and unpaid dividends, and with no stated maturity.

Cumulative distributions of 9.00% ($2.25) per annum or $0.5625 per quarter) are paid quarterly on 1/31, 4/30, 7/31 & 10/31 to holders of record on the record date that will be 1/15, 4/15, 7/15 & 10/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date).

Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 15 of the prospectus for further information).

Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details).

This security was not rated by Moody’s and by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NGS
Chart
9.00%
$2.25
$25.00
$25.00
6/08/2021
None
NF NF
4/23/2023
1/31, 4/30, 7/31 & 10/31
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Go to Parent Company's Record (MIND)

Notes:  Oct. 13, 2023 - MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that on October 12, 2023, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its amended and restated certificate of incorporation (the "Charter Amendment") to effect the previously announced reverse stock split of the Company's issued and outstanding shares of common stock, $0.01 par value per share, at a ratio of one-for-ten (the "Reverse Stock Split"). The Charter Amendment will become effective at 5:00 p.m. Eastern Time on October 13, 2023. The Company's common stock will begin trading on Nasdaq on a reverse split-adjusted basis when the market opens on October 16, 2023 under the existing ticker symbol "MIND". The new CUSIP number for the common stock following the Reverse Stock Split will be 602566309. The par value per share of the common stock will remain unchanged at $0.01

August 07, 2020 -- Mitcham Industries, Inc., a Texas corporation (the “Predecessor Registrant”), merged with and into its wholly owned subsidiary, MIND Technology, Inc., a Delaware corporation (the “Company”), on August 3, 2020, pursuant to an Agreement and Plan of Merger, dated as of August 3, 2020 (the “Reincorporation Merger Agreement”), with the Company continuing as the surviving corporation (the “Reincorporation Merger”). On August 3, 2020, the effective time of the Reincorporation Merger (the “Effective Time”), the Company was renamed “MIND Technology, Inc.” and succeeded to the assets, continued the business and assumed the rights and obligations of the Predecessor Registrant existing immediately prior to the Effective Time.

IPO - 6/2/2016 - 320,000 Shares @ $25.00 /share.    Link to IPO Prospectus
Previous Name: Mitcham Industries    Changed: 8/07/2020
Market Value $ Million
Click for current MINDP price quote from the NASDAQ

Company's Online Information Links
HOME PAGE:     https://mind-technology.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Inv Rel Email Address mind@dennardlascar.com
General Email Address rob.capps@mitchamindustries.com
Email Contact Form on Website Go to Email Form

Address and Phone Numbers
Address:   2002 Timberloch Place, Suite 400, The Woodlands, TX 77380
Main Phone Number 936-291-2277
Fax Number Not Available
Investor Relations   Ken Dennard, Lascar Associates 713-529-6600
CEO - Robert P. Capps CEO - Guy Malden CFO - Mark Cox


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