Mind Technology Inc - MIND STOCK NEWS

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.

MIND Technology (NASDAQ: MIND) will release its fiscal 2025 first-quarter financial results on June 10, 2024, after market close. The company will hold a conference call to discuss these results on June 11, 2024, at 9:00 a.m. Eastern Time, available via live phone call or webcast. The conference call can be accessed by dialing (412) 902-0030 or visiting their website. A replay will be available until June 18, 2024, and an archive will be maintained on the website for 90 days. For further information, contact Dennard Lascar Investor Relations at MIND@dennardlascar.com.

MIND Technology (Nasdaq: MIND; MINDP) announces a virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock on June 13, 2024. The meeting aims to approve an amendment allowing each share of preferred stock to convert into 3.9 shares of common stock. The record date for voting is April 26, 2024, and the proposal requires a two-thirds majority for approval. CEO Rob Capps emphasizes this change will enhance financial flexibility and simplify capital structure, addressing dividend overhang issues. A presentation on the proposal is available on the company's website.

MIND Technology, Inc. rescheduled the virtual special meeting of its 9% Series A Cumulative Preferred Stock holders to June 13, 2024, to vote on an amendment converting each preferred stock into 3.9 common shares. The revised proposal aims to simplify the capital structure, enhance financial flexibility, and provide a 112% premium to preferred stockholders.

MIND Technology, Inc. reported strong financial results for the fourth quarter and fiscal year 2024, with significant revenue growth and operating income. The company achieved its first profitable fiscal year since 2014, showing a positive trend in profitability and backlog growth. The CEO highlighted the strategic efforts put in place for future growth, emphasizing the need to manage liquidity and working capital effectively.