Mitcham Industries Inc. (MIND) stock plunged during current market. What’s driving it low?

Mitcham Industries Inc. (NASDAQ: MIND) stock declines by 0.52% in the current market trading session. MIND Technology serves the oceanographic, hydrographic, defense, seismic, and security industries with technology. The Seamap and Klein Marine Systems sections of MIND’s global Marine Technology Products sector create, manufacture, and distribute specialized, great performance marine sonar and seismic equipment.

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What is happening?

MIND Technology reported today that its Seamap business has received significant orders for source controller and GNSS positioning systems totaling $4.1 million. The relevant products are scheduled to be delivered in the current fiscal year’s third and fourth quarters.

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Guy Malden, MIND Co-CEO, stated,

They are happy to add these bookings to their backlog, as demand for their marine source controller systems continues strong in the marine exploration sector. As the year develops, they predict more order activity in this area.

Recent Past Development

Getting approval from the Board of Directors, MIND announced the start of dividend payments on its 9.00 percent Series A Preferred Stock on July 6th, 2021. The dividend will be paid on a quarterly basis and will be in the value of USD$0.5625 per share for the time span May 1st, 2021, and ending July 31st, 2021. The dividend will be paid to stockholders who were on the books as of the end of business on July 15, 2021. MINDP is the trading symbol for the Series A Preferred Stock on the NASDAQ.

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MIND is optimistic about its long-term prospects as it continues to pursue strategic goals targeted at broadening the company’s product line and allowing maximum market penetration. The company’s five-year strategy is basically unaltered. MIND expanded its deal with PGS, a well-known integrated geophysical company, in the fourth quarter of fiscal 2021, which allowed the provision of sophisticated source controller technology.

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