---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-024694"
form_type: "8-K"
ticker: "MIND"
cik: "0000926423"
company_name: "MIND TECHNOLOGY, INC"
filed_at: "2023-08-25T23:59:59+00:00"
generated_at: "2026-06-11T03:49:42.670429+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# MIND sells Klein Marine Systems for $11.5M cash; repays high-cost debt, becomes debt-free

## Summary
- Sold Klein Marine Systems to General Oceans for $11.5M cash; deal closed Aug 21, 2023.
- Repaid Sachem Capital loan (high-cost debt) in full; MIND is now debt-free.
- Licensed Spectral Ai and Redwood SDK to General Oceans; collaboration for further development.
- Pro forma shows Klein contributed ~$2.0M revenue in Q1 FY24 and ~$10.1M in FY23; those removed.
- CEO: shift focus to Seamap unit (GunLink, BuoyLink, SeaLink) and alternative energy projects.

## SEC filing metadata
- accession: 0001437749-23-024694
- form_type: 8-K
- ticker: MIND
- cik: 0000926423
- company_name: MIND TECHNOLOGY, INC
- filed_at: 2023-08-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/mind20230825_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-024694
- JSON: https://secwatch.observer/filing/0001437749-23-024694.json
- Plain text: https://secwatch.observer/filing/0001437749-23-024694.txt

## Key facts
- M&A Transactions
  MIND TECHNOLOGY, INC completed a disposition involving General Oceans AS for $11.5 million (closed 2023-08-21).
  - Action: disposition
  - Counterparty: General Oceans AS
  - Consideration: $11.5 million
  - Closing: 2023-08-21
  source text: The aggregate consideration to the Company consisted of a cash payment of $11.5 million upon closing of the transaction on August 21, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm
- Material Agreements
  MIND TECHNOLOGY, INC entered into a license with General Oceans AS (effective 2023-08-21).
  - Action: entry
  - Agreement: license
  - Counterparty: General Oceans AS
  - Effective: 2023-08-21
  source text: In connection with the SPA, MIND and General Oceans also entered into two software license agreements on August 21, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm
- Material Agreements
  MIND TECHNOLOGY, INC entered into Stock Purchase Agreement with General Oceans AS valued at $11.5 million (effective 2023-08-21).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: General Oceans AS
  - Value: $11.5 million
  - Effective: 2023-08-21
  source text: On August 21, 2023, MIND Technology, Inc. (the “Company” or "MIND") entered into a Stock Purchase Agreement (the “SPA”) with General Oceans AS (“General Oceans”), providing for the sale of the Company’s wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm
- Material Agreements
  MIND TECHNOLOGY, INC terminated Loan and Security Agreement with Sachem Capital Corp (effective 2023-08-22).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: Sachem Capital Corp
  - Effective: 2023-08-22
  source text: On August 22, 2023, following the closing of the Sale of Klein, all outstanding amounts due and owed, including principal, interest, and other charges, under the Loan were repaid in full and the Loan was terminated.
  evidence_url: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm
- Material Agreements
  MIND TECHNOLOGY, INC entered into a collaboration with General Oceans AS (effective 2023-08-21).
  - Action: entry
  - Agreement: collaboration
  - Counterparty: General Oceans AS
  - Effective: 2023-08-21
  source text: The Company and General Oceans also entered into a collaboration agreement on August 21, 2023 for the further development of Spectral Ai and potentially other software projects.
  evidence_url: https://www.sec.gov/Archives/edgar/data/926423/000143774923024694/0001437749-23-024694-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.