MIND Technology, Inc. has initiated a solicitation process for votes to amend the terms of its 9.00% Series A Preferred Stock. The Texas-based company, which specializes in search, detection, navigation, and guidance systems, communicated this development to certain preferred stockholders on Thursday.
The proposed amendment pertains to the Certificate of Designations, Preferences, and Rights associated with the preferred stock. Details of the amendment have not been disclosed in the filing. However, the company has furnished letters to the holders of the preferred stock as part of its solicitation efforts, which are included as Exhibit 99.1 and Exhibit 99.2 in the report.
MIND Technology, listed on the NASDAQ Stock Market under the symbols NASDAQ:MIND for its common stock and NASDAQ:MINDP for its Series A Preferred Stock, emphasized that the information provided is for solicitation purposes and is not being filed. Consequently, it will not be incorporated into any future Securities Exchange Act or Securities Act filings unless specified.
The company's communication also contained forward-looking statements, cautioning that actual results and the timing of events could materially differ from the expectations set forth in these statements. Factors that could influence these outcomes include those detailed in the company's Annual Report on Form 10-K for the year ended January 31, 2024, and other risks identified in subsequent SEC filings.
MIND Technology has not disclosed the specifics of the proposed amendment or the rationale behind it. As with all shareholder votes, the outcome will depend on the collective decision of the preferred stockholders who are eligible to vote on the amendment.
This latest development follows the company's ongoing efforts to manage its financial instruments and shareholder relations. The information for this report is based on a press release statement.
In other recent news, MIND Technology has reported a profitable fourth quarter for fiscal 2024, a first in ten years, bolstered by a 51% surge in Marine Technology product revenues to $13.4 million. This surge has led to a record annual revenue of $36.5 million for the company's Seamap business.
MIND Technology's fiscal 2025 backlog stands robust at over $38 million, indicating continued order momentum and a promising financial future. The company's recent financial success is attributed to a strategic shift towards its Seamap operations, solid partnerships, and increasing market demand for its products.
MIND Technology has also managed to eliminate high-cost debt by selling Klein, thus becoming debt-free. The company's AI software, Spectral Ai, is gaining traction in survey applications used by global navies. Still, MIND Technology has decided against declaring dividends, choosing instead to fund growth and backlog execution through liquidity and capital.
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