MIND Technology, Inc. announced the initiation of an equity distribution agreement with Lucid Capital Markets LLC allowing the sale of up to $25.0 million of common stock under an 'at-the-market' program.
The Company's Board of Directors authorized the repurchase of up to $4.0 million of common stock through August 31, 2027, indicating flexibility in capital utilization strategies.
President and CEO, Rob Capps, highlighted the significance of these programs in enhancing stockholder value and maintaining agility in response to market conditions.
Equity Distribution Agreement
Entered into an agreement with Lucid Capital Markets LLC to sell up to $25.0 million of common stock through an 'at-the-market' program.
Stock Buyback Authorization
Authorized the repurchase of up to $4.0 million of common stock until August 31, 2027, reflecting proactive capital management.
Strategic Flexibility
Preparatory steps aim to enable quick and efficient actions based on market circumstances to maximize stockholder value.
- The ATM program provides MIND Technology with a convenient option to raise additional capital efficiently if needed for growth opportunities or non-dilutive financing.
- The stock buyback program offers MIND the flexibility to invest in its own stock when market conditions suggest it as the most advantageous use of capital.
The announcement of the ATM and Stock Buyback Programs by MIND Technology underscores the company's commitment to proactive financial strategies and enhancing shareholder value through strategic capital management practices.