MIND Tech Announces Deferral Of Preferred Stock Dividend, Shares Slips

(RTTNews) - Shares of MIND Technology, Inc. (MIND) slips 8% in the after-hour market on Wednesday after the announcement that the company would not declare a quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock for the second quarter of its fiscal year ending July 31, 2023.

The company stated that it had a significant increase in orders recently, and expects further orders in the coming weeks. Hence, due to potential liquidity demands to complete these orders, and the timing uncertainty of cash flows, the company feels that it's better to defer the payment of the quarterly dividend on our Series A Preferred Stock.

The company's backlog on April 30, 2023, was about $22.6 million.

Wednesday, after hours the stock was trading at $0.58, down 8.55% or $0.05 per share, at The Nasdaq.