MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or the "Company"), formerly Mitcham Industries, Inc., announces that it has completed the reincorporation of the Company from the State of Texas to the State of Delaware, including a name change to MIND Technology, Inc., and the rebranding of the Company's operations to MIND Technology.
The change in legal domicile and rebranding were approved by the affirmative vote of the holders of more than two-thirds of the votes entitled to be cast by holders of the Company's common stock and 9.00% Series A Cumulative Preferred Stock (the "Preferred Stock"), voting separately, at the Annual Meeting of Shareholders held on July 27, 2020.
Pursuant to the terms of the reincorporation merger, each outstanding share of common stock and Preferred Stock in Mitcham Industries, Inc., the Texas corporation, has automatically converted into one share of common stock and Preferred Stock in MIND Technology, Inc., the Delaware corporation. Stockholders who hold physical stock certificates are not required to, but may, exchange stock certificates as a result of the reincorporation. The Company's common stock and Preferred Stock will continue to trade on the NASDAQ Global Select Market under their current ticker symbols, "MIND" and "MINDP", respectively. MIND Technology's common stock has been assigned a new CUSIP number of 602566 101 and its Preferred Stock has been assigned a new CUSIP number of 602566 200.
No changes have been made to the Board of Directors, management, business or operations of the Company as a result of the reincorporation. The corporate headquarters will remain in Texas.
Rob Capps, MIND's Co-Chief Executive Officer, stated, "We see this as a key step and inflection point in the expansion of our role to provide leading technology and solutions to the marine industry. We believe MIND will become known as the 'go-to' supplier for challenging exploration, survey and defense applications. Our Klein and Seamap brands are, and will remain, the 'gold standard' in their respective markets. The steps we have just completed are not an end to themselves, but in our opinion set the stage for the further growth and development that we envision in the coming months and years.
"In addition, in recognition of our focus on our marine technology products business, as well as recent changes in the global energy markets, we have now made the decision to exit the seismic land leasing business completely. We will seek to sell or otherwise dispose of those operations or the related assets and expect this process to be completed within the next 12 months," concluded Capps.
