# EDGAR Filing Document

**Accession Number:** 0000926423
**File Stem:** 0001437749-25-028149
**Filing Date:** 2025-9
**Character Count:** 23543
**Document Hash:** 7fdff627d22681fab52c763820d85dd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-028149.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001437749-25-028149

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250828

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIND TECHNOLOGY, INC
- **CENTRAL INDEX KEY:** 0000926423
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 760210849
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13490
- **FILM NUMBER:** 251285791

**BUSINESS ADDRESS:**
- **STREET 1:** 2002 TIMBERLOCH PLACE, SUITE 400
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380-1187
- **BUSINESS PHONE:** 281-353-4475

**MAIL ADDRESS:**
- **STREET 1:** 2002 TIMBERLOCH PLACE, SUITE 400
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380-1187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MITCHAM INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19940706

?xml version='1.0' encoding='ASCII'? mind20250828_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 28, 2025**

**MIND Technology, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-13490** | **76-0210849** |
| (State or other jurisdiction of<br> incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

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| | |
|:---|:---|
| **2002 Timberloch Place, Suite 400** | |
| **The Woodlands, Texas** | **77380** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **281-353-4475**

**Not Applicable**

(Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock - $0.01 par value per share<br> MIND | The NASDAQ Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

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***Equity Distribution Agreement***

On August 28, 2025, MIND Technology, Inc. (the "Company") entered into an equity distribution agreement (the "Sales Agreement") with Lucid Capital Markets LLC (the "Agent"), pursuant to which the Company may offer and sell up to $25.0 million of shares (the "Shares") of the Company's common stock, par value $0.01 per share, from time to time through the Agent (the "Offering"). The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, future acquisitions, the financing of capital expenditures and additions to its working capital.

Pursuant to the Sales Agreement, the Shares may be offered and sold through the Agent by any method permitted by law deemed to be an "at-the-market" offering as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including without limitation sales made directly on the NASDAQ Capital Market, on any existing trading market for the Shares or to or through a market maker other than on an exchange or, if specified in a placement notice from the Company, in negotiated transactions. Under the Sales Agreement, the Agent will be entitled to compensation of up to 2.0% of the gross proceeds from the sale of the Shares sold through the Agent from time to time pursuant to the terms of the Sales Agreement. The Company has no obligation to sell any of the Shares under the Sales Agreement and may suspend solicitations and offers under the Sales Agreement at any time.

The Shares will be issued pursuant to the Company's Registration Statement on Form S-3 (File No. 333-286763) declared effective by the Securities and Exchange Commission (the "SEC") on May 1, 2025. The Company is filing a prospectus supplement, dated September 2, 2025, to the prospectus, with the SEC in connection with the Offering.

The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the Sales Agreement, a copy of which is attached as Exhibit 1.1 hereto and incorporated into this Item 1.01 by reference.

***Relationships***

The Agent and its affiliates may from time to time in the future provide to the Company and its affiliates certain commercial banking, financial advisory, investment banking and other services in the ordinary course of their business, for which they would receive customary fees and commissions. In addition, Peter H. Blum, who serves as a director on the Company's Board of Directors, is also Vice Chairman of the Agent. From time to time the Agent and its affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in the Company's debt or equity securities or loans, and may do so in the future.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On September 2, 2025, the Company issued a press release announcing the Sales Agreement and the Share Repurchase Program (as defined below). A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference into Item 7.01. The information in this Item 7.01 (including the press release attached as Exhibit 99.1 and incorporated by reference into Item 7.01) is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is not subject to the liabilities of that section, and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act unless specifically identified therein as being incorporated therein by reference.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On August 28, 2025, the Company's Board of Directors authorized a share repurchase program (the "Share Repurchase Program") for the repurchase of up to $4.0 million of the Company's commons stock through August 31, 2027. The Share Repurchase Program is effective immediately.

Under the Share Repurchase Program, the Company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. The Company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. The Share Repurchase Program does not obligate the Company to repurchase any specific dollar amount or number of shares and share repurchases thereunder will be made in accordance with applicable securities laws and may be discontinued by the Company, in its sole discretion and without notice.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits.

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| | |
|:---|:---|
| **Number** | **Description** |
| 1.1 | [Sales Agreement, dated as of August 28, 2025, by and between MIND Technology, Inc. and Lucid Capital Markets LLC.](ex_858227.htm) |
| 5.1 | [Opinion of Holland & Knight LLP.](ex_858228.htm) |
| 23.1 | [Consent of Holland & Knight LLP (included in Exhibit 5.1 hereto).](ex_858228.htm) |
| 99.1 | [Press release dated September 2, 2025.](ex_858229.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | MIND Technology, Inc. | MIND Technology, Inc. |
| September 2, 2025 | *By:* | */s/ Robert P. Capps* |
|  |  | *Name: Robert P. Capps* |
|  |  | *Title: President and Chief Executive Officer* |

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## Exhibit 1.1

**Exhibit 1.1**

![salesag_page01.jpg](salesag_page01.jpg)

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## Exhibit 5.1

**Exhibit 5.1**

![hk.jpg](hk.jpg)

811 Main Street, Suite 2500 \| Houston, TX 77002 \| T 713.821.7000 \| F 713.821.7001<br> Holland & Knight LLP \| www.hklaw.com

September 2, 2025

MIND Technology, Inc.<br> 2002 Timberloch Place, Suite 500<br> The Woodlands, Texas 77380

Re: Registration Statement on Form S-3 (File No. 333-286763)

Ladies and Gentlemen:

We have acted as counsel to MIND Technology, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the proposed public offering and sale of shares (the "<u>Shares</u>") of the Company's common stock, par value $0.01 per share, having an aggregate offering price of up to $25,000,000, pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sales Agreement dated August 28, 2025 (the "<u>Sales Agreement</u>") between the Company and Lucid Capital Markets, LLC, as agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company's registration statement on Form S-3 (File No. 333-286763) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), filed with the Securities and Exchange Commission (the "<u>Commission</u>") on April 25, 2025 (the "<u>Registration</u><u> </u><u>Statement</u>"), including the form of prospectus therein (including the documents incorporated by reference therein, the "<u>Base</u><u> </u><u>Prospectus</u>"), and a prospectus supplement dated September 2, 2025, filed with the Commission pursuant to Rule 424(b) under the Securities Act (the "<u>Prospectus</u><u> </u><u>Supplement</u>" and, together with the Base Prospectus, the "<u>Prospectus</u>"),

relating to the "at-the-market" offering from time-to-time of the Shares contemplated by the Sales Agreement. We understand that the Shares are to be offered and sold in the manner set forth in the Registration Statement and the Prospectus. This opinion is being furnished in accordance with the requirements of Item 601(b)(5)(i) of Regulation S-K under the Securities Act.

In so acting, we have examined original counterparts or copies of original counterparts of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Prospectus Supplement.

Atlanta \| Austin \| Birmingham \| Boston \| Century City \| Charlotte \| Chattanooga \| Chicago \| Dallas \| Denver \| Fort Lauderdale<br> Houston \| Jacksonville \| Los Angeles \| Miami \| Nashville \| Newport Beach \| New York \| Orlando \| Philadelphia \| Portland<br> Richmond \| San Francisco \| Seattle \| Stamford \| Tallahassee \| Tampa \| Tysons \| Washington, D.C. \| West Palm Beach

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MIND Technology, Inc.<br> September 2, 2025<br> Page 2

We have also examined originals or copies of the organizational documents and such other records of the Company, certificates and web sites of public officials and of officers or other representatives of the Company and agreements and other documents, and made such other investigations, as we have deemed necessary, subject to the assumptions set forth below, as a basis for the opinions expressed below.

In rendering the opinions set forth herein, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The genuineness of all signatures (whether manual, electronic or otherwise) and, to the extent that a signature on a document is manifested by electronic or similar means, such signature has been executed or adopted by a signatory with an intent to authenticate and sign the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The authenticity of the originals of the documents submitted to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The conformity to authentic originals of any documents submitted to us as copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As to matters of fact, the truthfulness of the representations made or otherwise incorporated in the Registration Statement and representations and statements made in certificates or web sites of public officials and officers or other representatives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) That the offer and sale of Shares under the Sales Agreement complies in all respects with the terms, conditions and restrictions set forth in the Registration Statement and the Sales Agreement.

We have not independently established the validity of the foregoing assumptions.

Based on the foregoing, and subject to the assumptions, qualifications and limitations stated herein, we are of the opinion that the Shares have been duly authorized by the Company and, when issued and paid for in the manner described in the Sales Agreement, the Shares will be validly issued, fully paid and non-assessable.

Our opinion is limited to the General Corporation Law of the State of Delaware, including all reported judicial decisions interpreting such laws, and we do not express any opinion herein concerning any other laws.

This opinion letter has been prepared, and is to be understood, in accordance with customary practice of lawyers who regularly give and lawyers who regularly advise recipients regarding opinions of this kind, is limited to the matters expressly stated herein and is provided solely in connection with the Sales Agreement, and no opinions may be inferred or implied beyond the matters expressly stated herein. The opinions expressed herein are rendered and speak only as of the date hereof, and we specifically disclaim any responsibility to update such opinions subsequent to the date hereof or to advise you of subsequent developments affecting such opinions.

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MIND Technology, Inc.<br> September 2, 2025<br> Page 3

We consent to the reference to this firm in the Prospectus under the caption "Legal Matters" as the attorneys who will pass upon the legal validity of the Shares and to the filing of this opinion with the Commission as an exhibit to the Current Report on Form 8-K to be filed by the Company in connection with the offering. Our consent, however, shall not constitute an admission to our being experts as provided for in Sections 7 and 11 of the Securities Act.

Respectfully submitted,<br>/s/ Holland & Knight LLP<br>HOLLAND & KNIGHT LLP<br>

## Exhibit 99.1

**Exhibit 99.1**

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|:---|:---|
| ![mt.jpg](mt.jpg) | ***NEWS RELEASE*** |

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Contacts: Rob Capps, President & CEO MIND Technology, Inc. 281-353-4475 Ken Dennard / Zach Vaughan Dennard Lascar Investor Relations 713-529-6600<br> <u>MIND@dennardlascar.com</u>

**MIND Technology Announces ATM and Stock Buyback Programs**

**THE WOODLANDS, TX, September 2, 2025** – MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that on August 28, 2025, it entered into an equity distribution agreement with Lucid Capital Markets LLC pursuant to which it may sell up to $25.0 million of common stock from time to time under an "at-the-market" program. Additionally, on August 28, 2025, the Company's Board of Directors authorized the repurchase of up to $4.0 million of the Company's common stock at anytime through August 31, 2027.

Rob Capps, President and CEO of MIND, stated, "We have taken these preparatory steps so that we can act quickly and efficiently should circumstances or market conditions warrant. These actions are consistent with our stated strategy to explore all ways to enhance stockholder value. Should we have a need for additional capital to exploit growth opportunities or should there be an opportunity to raise non-dilutive capital, the ATM program will enable us to do so in a very efficient manner. On the other hand, should market conditions indicate that investment in our own stock is the best use of our capital, the stock buyback program will position us to do that quickly and efficiently."

**About MIND Technology**

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit designs, manufactures and sells specialized, high performance, marine exploration and survey equipment.

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***<u>Forward-looking Statements</u>***

*Certain statements and information in this press release may constitute* "*forward-looking statements*" *within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, our objectives for future operations, and future orders and anticipated delivery of existing orders, are forward-looking statements. The words* "*believe,*" "*expect,*" "*anticipate,*" "*plan,*" "*intend,*" "*should,*" "*would,*" "*could*" *or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers*' *capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital and volatility in commodity prices for oil and natural gas.*

*For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.*

*Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.*

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