MIND Technology, Inc. ("MIND" or the "Company") (NASDAQ:MIND) announced today that the Company's Board of Directors (the "Board") has elected not to declare a quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock ("Series A Preferred Stock") for the second quarter of its fiscal year ending January 31, 2025.
The Company may defer dividend payments on the Series A Preferred Stock, but the dividend is a cumulative dividend that accrues for payment in the future. During a deferral period, the Company is prohibited from paying dividends or distributions on its common stock, or redeeming any of those shares.
If the Company does not pay dividends on its Series A Preferred Stock for six or more quarters, the holders of Series A Preferred Stock will have the right to appoint two directors to the Board. The deferral of the dividend on the Series A Preferred Stock for the second quarter of the fiscal year ending January 31, 2025 is the eighth quarterly dividend to be deferred. Accordingly, holders of Series A Preferred Stock have the right to appoint two directors to the Board pursuant to the specific provisions of the Certificate of Designations, Preferences and Rights of MIND Technology, Inc. 9.00% Series A Cumulative Preferred Stock, as amended.
