MIND Technology Prices Public Offering of 9.00% Series A Cumulative Preferred Stock

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[{"type":"text","content":"THE WOODLANDS, Texas, Nov. 9, 2021 /PRNewswire/ -- MIND Technology, Inc. (\"MIND\" or the \"Company\") (Nasdaq: MIND) announced today that it has priced an underwritten public offering of 432,000 shares of 9.00% Series A Cumulative Preferred Stock (\"Series A Preferred Stock\") at a price of $24.25 per share, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (the \"SEC\"). In addition, MIND has granted the underwriter a 30-day option to purchase from it an additional 64,800 shares of Series A Preferred Stock. Dividends on the Series A Preferred Stock will be payable from and including the date of original issue at a rate of 9.00% per annum of the $25.00 per share liquidation preference (equivalent to $2.25 per annum per share). The offering is expected to close on or about November 12, 2021, subject to customary closing conditions.\nMIND expects to receive net proceeds of approximately $9.5 million (or approximately $11.0 million if the underwriter exercises its option to purchase additional shares in full), after deducting estimated underwriting discounts and commissions, and estimated offering expenses. MIND intends to use all of the net proceeds of the offering for general corporate purposes, which may include, among other things, repayment of indebtedness, future acquisitions, the financing of capital expenditures and additions to its working capital, such as purchases of inventory.\nLadenburg Thalmann & Co. Inc. is acting as sole book-running manager for the offering.\nA registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nThis offering will be made only by means of a written prospectus. A copy of the prospectus for the offering may be obtained, when available, from:\nLadenburg Thalmann & Co. Inc.640 5th Avenue, 4th FloorNew York, NY 10019\nYou may also obtain a copy of the final prospectus free of charge at the SEC's website, www.sec.gov, under the registrant's name \"MIND Tech...

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