MIND Technology to sell up to $10.25 million 9% cumulative preferreds

By Marisa Wong

Los Angeles, Nov. 4 – MIND Technology, Inc. is offering 360,000 shares of 9% $25-par series A cumulative preferred stock, plus up to an additional 54,000 shares under a greenshoe.

The maximum offering price for the up to 414,000 preferred shares is $24.76, for a maximum aggregate offering price of $10,250,640, according to an amended Form S-1 filed with the Securities and Exchange Commission.

Ladenburg Thalmann & Co. Inc. is the underwriter.

Proceeds will be used for general corporate purposes, which may include, among other things, repayment of debt, future acquisitions, financing of capital expenditures and additions to working capital, such as purchases of inventory.

The company’s preferreds trade under the symbol “MINDP” on the Nasdaq stock market. The last reported sales price of the company’s preferred stock on Nov. 3 was $24.79 per share.

Formerly Mitcham Industries, Inc., The Woodlands, Tex.-based MIND Technology markets geophysical and other equipment for oceanographic, hydrographic, defense, seismic and security industries.

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