Mind Technology Sells More Preferred Shares

Small energy service provider Mind Technology (MIND) has sold more of their series A preferred stick issue.

The issue is a 9.00% cumulative redeemable preferred issue (MINDP) which originally was sold in 2016. Since that time the company has reopened the issue numerous times and has had continuous ‘at the money’ programs selling shares.

The most recent registration statement on for S-1 is here.

7 thoughts on “Mind Technology Sells More Preferred Shares”

  1. Went up last week on this news, came back down today. There’s nowhere to go wagainst all the outstanding warrants, and preferred in investors are telling us they believe it’s a scam.

    1. Well, this just adds insult to injury on selling new shares…
      https://finance.yahoo.com/news/harbor-custom-development-inc-authorizes-123000281.html
      Harbor Custom Development, Inc. , approved a new stock repurchase program authorizing the repurchase of up to $5 million worth of shares of common stock beginning November 22, 2021, and continuing through May 22, 2022. The amount of the repurchase program represents approximately 17% of the outstanding shares of the Company’s common stock valued at the closing price on November 3, 2021.

      The cynic in me thinks this is just to support the common stock price so the insiders can cash out.

      Instead of supporting the preferred by offering a tender of shares.., which is still down 30% from par….

      1. One moment raising cash at ridiculous rates.. the next buying back common stock. All the warning signs are there unless mgmt are geniuses. Nothing they do makes much sense to an outsider.

        1. HCDI: Looks like self dealing to me. As you said fc, does not make sense. I bailed after they announced a follow-on offering at $15. Took my lumps and moved on.

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