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MIND Technology, Inc. ("MIND" or the "Company") (NASDAQ:MIND) announced today that its Board of Directors (the "Board") have authorized a reverse stock split for its common stock, $0.01 par value per share, at a ratio of 1-for-10 to be effective October 13, 2023. The Company's stockholders previously authorized this action at the Company's annual stockholders meeting on August 30, 2023. The common stock will continue to trade under the ticker symbol "MIND".
The Company anticipates that this action will allow it to regain compliance with the NASDAQ Stock Markets' minimum bid price requirement for the common stock.
Additionally, the Board has declared a quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock ("Series A Preferred Stock") for the third quarter of its fiscal year ending January 31, 2024. In accordance with the terms of the Series A Preferred Stock, the Board has declared a Series A Preferred Stock cash dividend of $0.5625 per share for the quarterly period that began on August 1, 2023 and ends on October 31, 2023. The dividend on the Series A Preferred Stock is payable on October 31, 2023 to holders of record at the close of business on October 15, 2023. The Series A Preferred Stock is currently listed on the Nasdaq and trades under the ticker symbol "MINDP".
Posted In: MIND
