Following the announcement of an agreement with the U.S. Navy, MIND Technology Inc. (MIND) went up by 49.64% aftermarket on Monday.
In regular trading, the stock lost 6.80% to close at $1.37 with 6.41 million shares exchanging. Moreover, the news led the stock towards the green, causing it to reach $2.05 at an after-hours’ volume of 6.31 million shares.
MIND stock and its Movement
MIND Technology Inc. provides technology solutions for exploration, survey, and defense applications in various industries including oceanographic. Currently, its 13.77 outstanding shares trade at a market capitalization of $20.25 million.
In the past five days, MIND stock has gone down by 13.29% and 31.16% in the past three months. Moreover, the stock has lost 38.84% year to date, while the one-year loss stands at 44.53%.
Agreement with the Navy
On December 13, the company announced its Cooperative Research and Development Agreement (CRADA) with the U.S. Navy. Further, the agreement took place with the Navy’s Naval Surface Warfare Center, Panama City Division (NSWC PSC). Accordingly, the CRADA is titled “Advanced Mine Finding”.
Moreover, the company is looking forward to working with the U.S. Navy for developing innovative solutions for the warfighter.
MIND’s Public Offering
On November 09, the company announced the pricing of a public offering of 9.00% Series A Cumulative Preferred stock. As per the underwritten public offering, the company offered 432,000 shares of 9.00% of the mentioned stock at $24.25 per share price. Furthermore, for the additional purchase of 64,800 shares of the same stock, a 30-day option was also granted.
In addition, the offering was expected to close on or about November 12, 2021, as per the closing conditions. According to the announcement, MIND expected net proceeds of $9.5 million approximately. Further, the proceeds would increase to $11.0 million approx. if the option is fully exercised.
MIND’s Financials
On December 08, the company declared its third-quarter financial results for the fiscal year 2022. As per the Q3 of fiscal 2022, the Marine Technology Products’ revenue was $8.3 million. In comparison, the same was $6.5 million in the third quarter of the previous year.
Moreover, the net loss from continuing operations was $0.20 per share in the Q3 of fiscal 2022. This compares to $0.24 per share in the third quarter of fiscal 2021.
