Mind Technology Inc Stock Price, News & Analysis

MIND Technology has completed the conversion of all its 9% Series A Cumulative Preferred Stock into common stock. The conversion, effective September 4, 2024, resulted in the issuance of approximately 6.6 million new common shares, bringing the total outstanding common shares to about 8 million. This move was approved by preferred stockholders on August 29, 2024, and executed through a Certificate of Amendment filed with the Delaware Secretary of State. Each preferred share was converted into 3.9 common shares.

Rob Capps, President and CEO of MIND, stated that this transaction provides the company with a clean capital structure and improved flexibility to create value for stockholders.

MIND Technology, Inc. (Nasdaq: MIND; MINDP) has announced the approval of its Preferred Stock Proposal at a reconvened virtual special meeting. The proposal allows for the conversion of each share of 9% Series A Cumulative Preferred Stock into 3.9 shares of common stock, at the discretion of the company's Board of Directors. The approval was secured with more than two-thirds of outstanding Preferred Stock votes in favor, with approximately 89% of received votes supporting the proposal.

The Board now has until October 31, 2024, to effect the conversion by filing an amendment with the Delaware Secretary of State. CEO Rob Capps expressed that this approval is a important step for MIND, potentially providing increased flexibility to create value for all stakeholders.

MIND Technology (NASDAQ: MIND) has announced the schedule for its fiscal 2025 second quarter earnings release and conference call. The company will release financial results for the quarter ended July 31, 2024, after market close on Wednesday, September 11, 2024. A conference call will follow on Thursday, September 12, 2024, at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time.

Investors can participate in the call by dialing (412) 902-0030 or by accessing the webcast at http://mind-technology.com/. For those unable to attend, a replay will be available until September 19, 2024, by dialing (201) 612-7415 with pass code 13748560#. An archive of the webcast will also be accessible on the company's website for 90 days.

MIND Technology (Nasdaq: MIND; MINDP) has announced the reconvening of its virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock on August 29, 2024. The meeting aims to approve an amendment allowing the conversion of each preferred share into 3.9 common shares at the Board's discretion. A new record date of July 16, 2024 has been set, and previously cast proxies are no longer valid. CEO Rob Capps urges all eligible preferred stockholders to vote in favor of the proposal. The company has filed a revised proxy statement with the SEC and distributed it to holders of record.

MIND Technology announced that the virtual special meeting of its 9% Series A Cumulative Preferred Stock holders has been adjourned to August 29, 2024. This meeting aims to approve an amendment allowing each Preferred Stock share to be converted into 3.9 shares of common stock at the Board's discretion. A new record date of July 16, 2024, has been set, and previously cast proxies are now invalid. This was necessitated by significant trading activity post the previous record date, disenfranchising many stockholders. Over 680,000 shares, about 40% of the total outstanding, have been traded since then, prompting the need for a new vote.

MIND Technology announced its decision to defer the quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock for Q2 of the fiscal year ending January 31, 2025. This marks the eighth consecutive quarter of dividend deferral.

The deferred dividends will accrue and be payable in the future. During this deferral period, MIND is prohibited from paying dividends on common stock or redeeming shares.

As a result of this deferral, holders of the Series A Preferred Stock now have the right to appoint two directors to the company's Board.

MIND Technology has further adjourned its virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock to July 11, 2024. The decision allows more time to solicit additional proxies needed to approve a significant amendment to the Preferred Stock's Certificate of Designations. If approved, the amendment would permit conversion of each preferred share into 3.9 common shares at the Board's discretion before July 31, 2024. Preferred stockholders previously supported adjourning the meeting for this purpose. MIND urges eligible stockholders who haven't voted yet to do so promptly.

MIND Technology convened a virtual special meeting of its preferred stockholders on June 13, 2024. The meeting was adjourned to June 27, 2024, allowing management more time to solicit proxies for a proposal to amend the Certificate of Designations of its 9% Series A Cumulative Preferred Stock.

If approved, the amendment will allow each share of preferred stock to be converted into 3.9 shares of common stock at the Board's discretion before July 31, 2024. The record date to determine eligible voters remains April 27, 2024. MIND encourages preferred stockholders who have not yet voted to do so promptly.

Rob Capps, President and CEO, expressed satisfaction with the current response but emphasized the need for more time due to diverse holdings and the requirement of a two-thirds majority for approval.

MIND Technology, NASDAQ: MIND, announced its fiscal 2025 Q1 results, ending April 30, 2024.

Revenues from continuing operations were $9.7 million, down from $10.6 million YoY. Operating income rose to $730,000, up from $419,000 last year. Net income reached $954,000, reversing a loss of $240,000 in fiscal 2024's first quarter. Net income attributable to common shareholders was $7,000, or less than $0.01 per share, compared to a loss of $1.2 million, or $0.84 per share, last year.

Adjusted EBITDA from continuing operations was $1.5 million, up from $874,000. The backlog for Marine Technology Products in the Seamap segment increased to $31 million from $18 million YoY.

CEO Rob Capps attributed improved results to cost containment and production efficiencies, with a strong backlog and favorable macroeconomic conditions expected to boost revenue and profitability in fiscal 2025.