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Hold (2.00 out of 4)
100th percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Saturday, April 20, 4:27 AM
Slide #329. Mitcham Industries, Inc. — Preferred Stock Offering
Company: |
Mitcham Industries, Inc. (NASDAQ:MIND) |
Date announced: |
6/2/2016 |
Shares Offered: |
320,000 |
Date of Pricing: |
6/2/2016 |
Price Per Share: |
$25.00 |
Preferred Stock Offering Details: |
Mitcham Industries, Inc. ("Mitcham" or the "Company") (Nasdaq: MIND) announced today that it has priced an underwritten public offering of 320,000 shares of 9.00% Series A Cumulative Preferred Stock ("Series A Preferred Stock") at a price of $25.00 per share, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (the "SEC"). In addition, Mitcham has granted the underwriter a 30-day option to purchase from it an additional 48,000 shares of Series A Preferred Stock. Dividends on the Series A Preferred Stock will be payable from and including the date of original issue at a rate of 9.00% per annum of the $25.00 per share liquidation preference (equivalent to $2.25 per annum per share). The offering is expected to close on or about June 8, 2016, subject to customary closing conditions |
MIND Technology provides technology to the oceanographic, hydrographic, defense, seismic and maritime security industries. Co.'s Seamap Marine Products business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively Seamap), which designs, manufactures and sells marine seismic equipment. Co.'s Klein Marine Products business includes Klein Marine Systems, Inc., which designs, manufactures and sells side scan sonar and water-side security systems. Seamap's primary products include: the GunLink seismic source acquisition and control systems, the BuoyLink RGPS tracking system, and the SeaLink towed seismic streamer system. Preferred: MINDP
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