MIND Technology proposes converting preferred stock to common at 2.7:1 ratio, needs 2/3 vote by April 25

MIND TECHNOLOGY, INC

Each share of 9% Series A Preferred would convert into 2.7 common shares at Board's discretion before July 31, 2024.
Preferred stockholders must approve by two-thirds vote at virtual special meeting on April 25, 2024; common holders do not vote.
CEO cites insufficient cash flow to pay six deferred quarterly dividends; no dividends expected for foreseeable future.
Based on March 11 market values, conversion offers ~110% premium to preferred stock market value.
If converted, current preferred holders would own approximately 76% of the Company's common stock.

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