0001437749-23-028215.txt : 20231013 0001437749-23-028215.hdr.sgml : 20231013 20231013145803 ACCESSION NUMBER: 0001437749-23-028215 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20231012 ITEM INFORMATION: Material Modifications to Rights of Security Holders ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231013 DATE AS OF CHANGE: 20231013 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIND TECHNOLOGY, INC CENTRAL INDEX KEY: 0000926423 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 760210849 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-13490 FILM NUMBER: 231324877 BUSINESS ADDRESS: STREET 1: 2002 TIMBERLOCH PLACE, SUITE 550 CITY: THE WOODLANDS STATE: TX ZIP: 77380-1187 BUSINESS PHONE: 281-353-4475 MAIL ADDRESS: STREET 1: 2002 TIMBERLOCH PLACE, SUITE 550 CITY: THE WOODLANDS STATE: TX ZIP: 77380-1187 FORMER COMPANY: FORMER CONFORMED NAME: MITCHAM INDUSTRIES INC DATE OF NAME CHANGE: 19940706 8-K/A 1 mind20231013_8ka.htm FORM 8-K/A mind20231013_8ka.htm
Form 8-K/A date of report 10-12-23 true 0000926423 0000926423 2023-10-12 2023-10-12 0000926423 mind:CommonStock001ParValuePerShareCustomMember 2023-10-12 2023-10-12 0000926423 mind:SeriesAPreferredStock100ParValuePerShareCustomMember 2023-10-12 2023-10-12
 
UNITED STATES
--01-31
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K/A
(Amendment No. 1)
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 12, 2023
 
 
MIND Technology, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
001-13490
76-0210849
(State or other jurisdiction of
(Commission
(I.R.S. Employer
incorporation)
File Number)
Identification No.)
     
2002 Timberloch Place, Suite 550
   
The Woodlands, Texas
 
77380
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: 281-353-4475
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock - $0.01 par value per share
MIND
The NASDAQ Stock Market LLC
Series A Preferred Stock - $1.00 par value per share
MINDP
The NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
 
EXPLANATORY NOTE
 
MIND Technology, Inc. (the “Company”) is filing this Amendment No. 1 on Form 8-K/A to its Current Report on Form 8-K, as filed with the Securities and Exchange Commission on October 13, 2023, solely to furnish a copy of a press release issued by the Company regarding the reverse stock split reported under Item 5.03 below.
 
Item 3.03        Material Modification to Rights of Security Holders
 
The information set forth in Item 5.03 of this Current Report on Form 8-K is incorporated by reference herein.
 
Item 5.03        Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
 
On August 30, 2023, MIND Technology, Inc. (the “Company”) held its Annual Meeting of Stockholders at which the Company’s stockholders approved a proposal to amend the Company’s amended and restated certificate of incorporation (the “Charter”) to effect a reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, $0.01 par value per share (“Common Stock”), at a ratio in the range of one-for-ten to one-for-thirty, with such ratio to be determined in the discretion of the Company’s board of directors (the “Board”) and with such reverse stock split to be effected at such time and date, if at all, as determined by the Board in its sole discretion. The Reverse Stock Split is part of the Company’s plan to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Stock Market LLC (“Nasdaq”).
 
On September 28, 2023, the Board approved the Reverse Stock Split at a ratio of one-for-ten. On October 12, 2023, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Charter (the “Charter Amendment”) to effect the Reverse Stock Split. The Charter Amendment will become effective at 5:00 p.m. Eastern Time on October 13, 2023.
 
As a result of the Charter Amendment and Reverse Stock Split, every ten shares of issued and outstanding Common Stock will automatically be combined into one issued and outstanding share of Common Stock, without any change in par value per share. Proportionate adjustments will also be made to any outstanding securities or rights convertible into, or exchangeable or exercisable for, shares of Common Stock. Fractional shares will not be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share will be entitled to receive one full share of post-Reverse Stock Split Common Stock, in lieu of receiving such fractional shares. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder’s relative interest in the Company’s equity securities. The Reverse Stock Split will reduce the number of shares of issued and outstanding Common Stock from approximately 13,788,738 shares to approximately 1,378,874 shares.
 
The Common Stock will begin trading on Nasdaq on a reverse split-adjusted basis when the market opens on October 16, 2023 under the existing ticker symbol “MIND”. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 602566309. The par value per share of the Common Stock will remain unchanged at $0.01.
 
The foregoing description of the Charter Amendment is qualified in its entirety by reference to the full text of the Charter Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
 
In connection with the Reverse Stock Split, on October 12, 2023, the Company filed with the Secretary of State of the State of Delaware a Fourth Certificate of Amendment (the “Fourth Amendment”) of Certificate of Designations, Preferences and Rights of 9.00% Series A Cumulative Preferred Stock (the “Preferred Stock Certificate”) to increase the Share Cap, as defined in the Preferred Stock Certificate, and decrease the Exchange Cap, as defined in the Certificate of Designations, on a pro rata basis in proportion with the one-for-ten ratio of the Reverse Stock Split.
 
The foregoing description of the Fourth Amendment is qualified in its entirety by reference to the full text of the Fourth Amendment, a copy of which is attached hereto as Exhibit 3.2 and is incorporated herein by reference.
 
Item 7.01        Regulation FD Disclosure
 
On October 13, 2023, the Company issued a press release titled “MIND Technology Announces Reverse Stock Split.” A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
 

 
 
Item 9.01 Financial Statements and Exhibits.  
 
(d) Exhibits
 
Exhibit Number
Description
3.1
3.2
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
MIND Technology, Inc.
 
       
October 13, 2023
By:
/s/ Robert P. Capps
 
   
Name: Robert P. Capps
Title: President and Chief Executive Officer
 
 
 
EX-3.1 2 ex_579844.htm EXHIBIT 3.1 ex_579844.htm

 

Exhibit 3.1

 

CERTIFICATE OF AMENDMENT OF
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
MIND TECHNOLOGY, INC.

 

MIND Technology, Inc. (the “Corporation”), a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “DGCL”), does hereby certify that:

 

FIRST: At a meeting of the Board of Directors of the Corporation (the “Board”) resolutions were duly adopted authorizing the Corporation to execute and file with the Secretary of State of the State of Delaware amendments (the “Amendment”) to the Corporation’s amended and restated certificate of incorporation (the “Certificate of Incorporation”) to add a paragraph to Section 4.1 of Article IV of the Certificate of Incorporation.

 

SECOND: Section 4.1 of the Certificate of Incorporation is hereby amended and restated as follows:

 

“SECTION 4.1.         Number of Shares. The total number of shares of stock that the Corporation shall have authority to issue is forty-two million (42,000,000) shares, comprised of two classes as follows: forty million (40,000,000) shares of common stock, par value one cent ($0.01) per share (the “Common Stock”), and two million (2,000,000) shares of preferred stock, par value one dollar ($1.00) per share (the “Preferred Stock”).

 

Effective immediately upon the effectiveness of the Certificate of Amendment adding this paragraph to Article IV, Section 4.1 of this Amended and Restated Certificate of Incorporation of the Corporation (the “Effective Time”), each ten (10) shares of Common Stock that are issued and outstanding immediately prior to the Effective Time (the “Old Common Stock”) shall be reclassified and combined into one (1) validly issued, fully paid and non-assessable share of Common Stock, subject to the treatment of fractional share interests as described below (the “Reverse Stock Split”). The Reverse Stock Split shall occur automatically without any further action by the Corporation or its stockholders and whether or not any certificate representing such shares of Old Common Stock is surrendered to the Corporation. The Reverse Stock Split shall also apply to any outstanding securities or rights convertible into, or exchangeable or exercisable for, Common Stock. No fractional shares shall be issued upon the reclassification and combination. Each stockholder who would otherwise be entitled to receive a fractional share of Common Stock as a result of the Reverse Stock Split will receive one whole share of Common Stock in lieu of such fractional share. Following the Effective Time, each share of Old Common Stock shall thereafter represent that number of shares of Common Stock into which the shares of Old Common Stock shall have been reclassified and combined, subject to the elimination of fractional share interests as described above.”

 

THIRD: Pursuant to a resolution of the Board, an annual meeting of the stockholders of the Corporation was duly called and held upon notice in accordance with Section 222 of the DGCL at which meeting the necessary number of shares as required by statute were voted in favor of the Amendment.

 

 

 

 

FOURTH: The Amendment was duly adopted in accordance with the applicable provisions of Section 242 of the DGCL.

 

FIFTH: The Amendment shall be effective upon filing with the Delaware Secretary of State.

 

SIXTH: Except as herein amended, the Certificate of Incorporation shall remain in full force and effect.

 

[Signature Page Follows]

 

2

 

 

IN WITNESS WHEREOF, the undersigned authorized officer of the Corporation has executed and acknowledged this Certificate of Amendment on this 12th day of October, 2023.

 

 

 

 

MIND TECHNOLOGY, INC.

   
   
     
 

 By:

/s/ Robert P. Capps

 

 Name:

Robert P. Capps

 

 Title:

Chief Executive Officer and President

 

 

 

 

 

[Signature Page to Amendment to Certificate of Incorporation]

 

 
EX-3.2 3 ex_579845.htm EXHIBIT 3.2 ex_579845.htm

 

Exhibit 3.2

 

FOURTH CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS
OF
9.00% SERIES A CUMULATIVE PREFERRED STOCK
OF
MIND TECHNOLOGY, INC.

 

Pursuant to Section 151 of the
General Corporation Law of the State of Delaware

 

MIND Technology, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware, does hereby certify:

 

1.    The name of the corporation is MIND Technology, Inc. (the “Corporation”).

 

2.    The original Certificate of Designations, Preferences and Rights of 9.00% Series A Cumulative Preferred Stock was filed with the Secretary of State of the State of Delaware on August 3, 2020 (the “Original Certificate”).

 

3.    A Certificate of Amendment to the Original Certificate (the “First Amendment”) was filed with the Secretary of State of the State of Delaware on September 25, 2020 to increase the number of shares of Series A Preferred Stock (as defined in the Certificate of Designations) to 1,494,046 shares.

 

4.    A Second Certificate of Amendment to the Original Certificate (the “Second Amendment”) was filed with the Secretary of State of the State of Delaware on October 25, 2021 to increase the number of shares of Series A Preferred Stock (as defined in the Certificate of Designations) to 1,994,046 shares.

 

5.    A Third Certificate of Amendment to the Original Certificate (the “Third Amendment”) was filed with the Secretary of State of the State of Delaware on November 4, 2021 (the Original Certificate as amended by the First Amendment, Second Amendment and Third Amendment, the “Certificate of Designations”) to increase the Exchange Cap (as defined in the Certificate of Designations) to 49,851,150 shares.

 

6.    The Certificate of Designations is further amended by deleting Sections 7(a) and 7(b) and replacing them with the following:

 

“(a)         Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, the Company has provided notice of its election to redeem some or all of the shares of Series A Preferred Stock held by such holder pursuant to Section 6, in which case such holder will have the right only with respect to shares of Series A Preferred Stock that are not called for redemption) to convert some or all of the shares of Series A Preferred Stock held by such holder (the “Change of Control Conversion Right”) on the Change of Control Conversion Date into a number of shares of Common Stock per share of Series A Preferred Stock (the “Common Stock Conversion Consideration”) equal to the lesser of: (i) the quotient obtained by dividing (x) the sum of the Two Hundred Fifty Dollars ($250.00) liquidation preference per share of Series A Preferred Stock plus the amount of any accumulated and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a Dividend Record Date and prior to the corresponding Dividend Payment Date for the Series A Preferred Stock, in which case no additional amount for such accumulated and unpaid dividend will be included in this sum) by (y) the Common Stock Price (as defined below) (such quotient, the “Conversion Rate”); and (ii) two hundred fifty (250.00), which we refer to as the “Share Cap,” subject to adjustments provided in Section 7(a) below.

 

 

 

 

(b)         The Share Cap is subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of Common Stock to existing holders of Common Stock), subdivisions or combinations (in each case, a “Share Split”) with respect to Common Stock as follows: the adjusted Share Cap as the result of a Share Split will be the number of shares of Common Stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such Share Split by (ii) a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after giving effect to such Share Split and the denominator of which is the number of shares of Common Stock outstanding immediately prior to such Share Split. For the avoidance of doubt, subject to the immediately succeeding sentence, the aggregate number of shares of Common Stock (or equivalent Alternative Conversion Consideration (as defined below), as applicable) issuable or deliverable, as applicable, in connection with the exercise of the Change of Control Conversion Right will not exceed 4,985,115 shares of Common Stock (or equivalent Alternative Conversion Consideration, as applicable) (the “Exchange Cap”). The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same basis as the corresponding adjustment to the Share Cap.”

 

7.    The foregoing amendment to the Certificate of Designations has been duly adopted by the Corporation’s Board of Directors pursuant to the authority vested in the Corporation’s Board of Directors by the Certificate of Incorporation of the Corporation, as amended, and in accordance with Section 151 of the General Corporation Law of the State of Delaware.

 

8.    All other provisions of the Certificate of Designations shall remain in full force and effect.

 

[Signature on Following Page]

 

2

 

 

IN WITNESS WHEREOF, the Corporation has caused this Fourth Certificate of Amendment of Certificate of Designations, Preferences and Rights of 9.00% Series A Cumulative Preferred Stock to be signed by a duly authorized officer this 12th day of October, 2023.

 

 

MIND TECHNOLOGY, INC.

 
       
       
 

By:

/s/ Robert P. Capps

 
   

Robert P. Capps

 
   

Chief Executive Officer and President

 

 

 

 

 

 

 

 

 

[Signature Page to Fourth Certificate of Amendment of Certificate of Designations]

 

 
EX-99.1 4 ex_579995.htm EXHIBIT 99.1 ex_579995.htm

Exhibit 99.1

 

ex_579995img001.jpg NEWS RELEASE
 

Contacts:          

 

Rob Capps, President & CEO

MIND Technology, Inc.

281-353-4475

 

Ken Dennard / Zach Vaughan

Dennard Lascar Investor Relations

713-529-6600
MIND@dennardlascar.com


 

MIND Technology Secures Financing

 

THE WOODLANDS, TX, October 13, 2023 – MIND Technology, Inc. (“MIND” or the “Company”) (Nasdaq: MIND) announced today that on October 12, 2023, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its amended and restated certificate of incorporation (the “Charter Amendment”) to effect the previously announced reverse stock split of the Company’s issued and outstanding shares of common stock, $0.01 par value per share, at a ratio of one-for-ten (the “Reverse Stock Split”). The Charter Amendment will become effective at 5:00 p.m. Eastern Time on October 13, 2023.

 

 

The Company’s common stock will begin trading on Nasdaq on a reverse split-adjusted basis when the market opens on October 16, 2023 under the existing ticker symbol “MIND”. The new CUSIP number for the common stock following the Reverse Stock Split will be 602566309. The par value per share of the common stock will remain unchanged at $0.01.

 

 

About MIND Technology

 

 

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures, and sells specialized, high performance, marine exploration and survey equipment.

 

 

 

Forward-looking Statements

 

Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, our objectives for future operations, future orders and anticipated delivery of existing orders, and future payments of dividends are forward-looking statements.  The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions.  Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for oil and natural gas.

 

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.

 

 

# # #

 
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Document And Entity Information
Oct. 12, 2023
Document Information [Line Items]  
Entity, Registrant Name MIND Technology, Inc.
Current Fiscal Year End Date --01-31
Document, Type 8-K/A
Document, Period End Date Oct. 12, 2023
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-13490
Entity, Tax Identification Number 76-0210849
Entity, Address, Address Line One 2002 Timberloch Place, Suite 550
Entity, Address, City or Town The Woodlands
Entity, Address, State or Province TX
Entity, Address, Postal Zip Code 77380
City Area Code 281
Local Phone Number 353-4475
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Description Form 8-K/A date of report 10-12-23
Amendment Flag true
Entity, Central Index Key 0000926423
CommonStock001ParValuePerShare Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock - $0.01 par value per share
Trading Symbol MIND
Security Exchange Name NASDAQ
SeriesAPreferredStock100ParValuePerShare Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Series A Preferred Stock - $1.00 par value per share
Trading Symbol MINDP
Security Exchange Name NASDAQ
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