MIND Technology secures $3.75M loan from Sachem Capital at 12.9% interest, due Feb 2024

MIND TECHNOLOGY, INC

Loan agreement with Sachem Capital Corp. for $3.75M principal, due February 1, 2024.
Interest rate 12.9% per annum, prepaid through maturity; origination fee of $240,000 paid.
Loan secured by mortgages on certain real estate owned by MIND Technology and Klein Marine Systems.
Loan may be prepaid at any time without penalty.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MIND TECHNOLOGY, INC entered into Loan and Security Agreement with Sachem Capital Corp. valued at $3.75 million (effective 2023-02-02).

Action: entry
Agreement: credit facility
Counterparty: Sachem Capital Corp.
Value: $3.75 million
Effective: 2023-02-02

Exact text from the filing

On February 2, 2023, MIND Technology, Inc. and its wholly owned subsidiary, Klein Marine Systems Inc., (collectively, the “Borrowers”), entered into a $3.75 million Loan and Security Agreement (the “Loan”) with Sachem Capital Corp., (the “Lender”).

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Source: SEC EDGAR

accession 0001437749-23-002795

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