<SEC-DOCUMENT>0000950170-25-036701.txt : 20250310
<SEC-HEADER>0000950170-25-036701.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310200807
ACCESSION NUMBER:		0000950170-25-036701
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mistras Group, Inc.
		CENTRAL INDEX KEY:			0001436126
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				223341267
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85079
		FILM NUMBER:		25725490

	BUSINESS ADDRESS:	
		STREET 1:		195 CLARKSVILLE ROAD
		CITY:			PRINCETON JUNCTION
		STATE:			NJ
		ZIP:			08550
		BUSINESS PHONE:		609-716-4000

	MAIL ADDRESS:	
		STREET 1:		195 CLARKSVILLE ROAD
		CITY:			PRINCETON JUNCTION
		STATE:			NJ
		ZIP:			08550

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mill Road Capital III, L.P.
		CENTRAL INDEX KEY:			0001767199
		ORGANIZATION NAME:           	
		IRS NUMBER:				981461868
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		334 PEMBERWICK ROAD
		STREET 2:		SECOND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203-987-3500

	MAIL ADDRESS:	
		STREET 1:		C/O MILL ROAD CAPITAL MANAGEMENT LLC
		STREET 2:		328 PEMBERWICK ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0000950170-25-032483</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001767199</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common stock, $0.01 par value</securitiesClassTitle>
      <dateOfEvent>03/06/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001436126</issuerCIK>
        <issuerCUSIP>60649T107</issuerCUSIP>
        <issuerName>Mistras Group, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">195 Clarksville Road</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Princeton Junction</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NJ</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">08550</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Mill Road Capital III, L.P.</personName>
          <personPhoneNum>203-987-3500</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">Attn: Thomas E. Lynch</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">328 Pemberwick Road</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Greenwich</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CT</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">06831</zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Peter M. Rosenblum, Esq.</personName>
          <personPhoneNum>617-832-1000</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">Foley Hoag LLP</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">155 Seaport Blvd.</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Boston</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">MA</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">02210</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767199</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Mill Road Capital III, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>1763304</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1763304</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
        <aggregateAmountOwned>1763304</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767178</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Mill Road Capital III GP LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>1763304</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1763304</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
        <aggregateAmountOwned>1763304</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001244666</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Thomas E. Lynch</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1763304</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1763304</sharedDispositivePower>
        <aggregateAmountOwned>1763304</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common stock, $0.01 par value</securityTitle>
        <issuerName>Mistras Group, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">195 Clarksville Road</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Princeton Junction</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NJ</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">08550</zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 1 to the joint statement on Schedule 13D with respect to the common stock, par value $0.01 (the "Common Stock"), of Mistras Group, Inc., a Delaware corporation (the "Issuer"), filed by Thomas E. Lynch, Mill Road Capital III GP LLC, a Cayman Islands limited liability company, and Mill Road Capital III, L.P., a Cayman Islands exempted limited partnership (collectively, the "Reporting Persons") on July 9, 2024 (such joint statement, as amended herein, the "Schedule 13D"), amends the Schedule 13D as follows:</commentText>
      </item1>
      <item3>
        <fundsSource>Item 3 of the Schedule 13D shall hereby be amended and restated in its entirety as follows:

The Reporting Persons have acquired beneficial ownership of an aggregate of 1,763,304 shares of Common Stock for $10,116,361 using working capital from the Fund and the proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Fund with a broker on customary terms and conditions. The purchase price of shares acquired pursuant to the assignment of Put Options (as defined in Item 6) is not reduced by the premium received by the Reporting Persons upon sale of the Put Options.</fundsSource>
      </item3>
      <item5>
        <percentageOfClassSecurities>Paragraphs (a) and (b) of Item 5 of the Schedule 13D shall hereby be amended and restated in full as follows:

(a, b)	The percentages of beneficial ownership reported in this Item 5, and on each Reporting Person's cover page to this Schedule 13D, are based on a total of 31,010,375 shares of Common Stock issued and outstanding as of October 30, 2024, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024. All of the share numbers reported herein are as of March 10, 2025, unless otherwise indicated. Each Reporting Person's cover page to this Schedule 13D for is incorporated by reference into this Item 5(a, b).

The Fund directly holds, and thus has sole voting and dispositive power over, 1,763,304 shares of Common Stock. The GP, as sole general partner of the Fund, also has sole authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares on behalf of the Fund, and Mr. Lynch has shared authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, these shares in his capacity as Chairman and Management Committee Director of the GP.  Accordingly, each of the Reporting Persons beneficially owns 1,763,304 shares of Common Stock, or approximately 5.7% of the outstanding shares of Common Stock, and the Reporting Persons beneficially own, in the aggregate, 1,763,304 shares of Common Stock, or approximately 5.7% of the outstanding shares of Common Stock.</percentageOfClassSecurities>
        <transactionDesc>Paragraph (c) of Item 5 of the Schedule 13D shall hereby be amended and restated in full as follows:

Except as otherwise described in this Schedule 13D, no Reporting Person, other than the Fund as set forth in the table below, effected any transaction in the Common Stock from January 9, 2025 (the date 60 days prior to the filing of this Schedule 13D) to March 10, 2025 (the "Reporting Period"):

     Date of                                   Shares                                      Purchase/Sale
Purchase/Sale		      Purchased/(Sold)                          Price per Share
                                                          (#)                                             ($)

01/17/2025*			               23,700				$             10.0000
02/21/2025*			                 8,500				$             10.0000
03/06/2025			                 (329)				$             10.5000

*Effected pursuant to the assignment of Put Options (as defined in Item 6).

Except as otherwise described in this Schedule 13D, the above-listed transactions were conducted in the ordinary course of business on the open market for cash, and the purchase and sale prices do not reflect brokerage commissions paid.

In addition, during the Reporting Period, the Fund sold the Put Options and Call Options (as defined in Item 6) described in Item 6, which is incorporated by reference into this Item 5(c).</transactionDesc>
      </item5>
      <item6>
        <contractDescription>The first paragraph and following table of Item 6 of the Schedule 13D shall hereby be amended and restated in full as follows:

The table below lists the standard American-style, exchange-traded call options ("Call Options") sold by the Fund during the Reporting Period. Each of the below listed transactions was conducted in the ordinary course of business on the open market for cash, and the sale prices do not reflect brokerage commissions paid.

                                       Value per
                                    Underlying
	                               Share at                                   Shares
                                    which Call                               Underlying                         Call Options'                           Call Options'
                                 Options were                          Call Options                          Strike Price                	            Expiration
Date of Sale	              Sold ($)	                                  (100s)                           per Share ($)                  	        Date
03/06/2025	           $        0.9521		                    1600		                $          10.00		              05/16/2025
03/06/2025	           $        1.4642			            1246		                $          10.00		              08/15/2025
03/06/2025	           $        0.5171			            3522		                $          12.50		              08/15/2025
03/07/2025	           $        1.1191 		                      424		                $          10.00		              05/16/2025
03/07/2025	           $        0.3000			                  1 		                $          12.50		              05/16/2025
03/07/2025	           $        0.5819			              565		                $          12.50		              08/15/2025
03/10/2025	           $        0.6496	                              227	                        $          12.50	                      08/15/2025

Each of these Call Options gives the option's counterparty the right (but not the obligation) to purchase from the Fund, on or before the option's expiration date, the number of shares of Common Stock underlying the option, at a purchase price per share equal to the option's strike price per share. If a Call Option is exercised on or before its expiration date, the Fund must deliver the shares of Common Stock underlying the option in exchange for the option's aggregate exercise price.

The table below lists the standard American-style, exchange-traded put options ("Put Options") sold by the Fund during the Reporting Period.  Each of the below listed transactions was conducted in the ordinary course of business on the open market for cash, and the sale prices do not reflect brokerage commissions paid.

		                            Value per
				            Underlying
		                             Share at                       Shares
                                            which Put                  Underlying               Put Options'                              Put Options'
                     	                 Options were              Put Options                Strike Price	                         Expiration
Date of Sale	                       Sold ($)	                      (100s)	            per Share ($)	                         Date
02/21/2025	                $         0.3329	                 174	            $            7.50	                           08/15/2025
02/21/2025	                $         1.1703	                   32	            $          10.00	                           08/15/2025
02/24/2025	                $         0.3000 	                 300	            $            7.50	                           08/15/2025
02/25/2025	                $         0.3090 	                 350	            $            7.50	                           08/15/2025
02/26/2025	                $         0.3161 	                 305             $            7.50	                           08/15/2025
02/27/2025	                $         0.3480 	                 249	            $            7.50	                           08/15/2025
03/03/2025	                $         0.3469 	                  332	            $            7.50	                           08/15/2025
03/05/2025	                $         0.4726 	                 105		    $            7.50	                           08/15/2025
</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Mill Road Capital III, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Yanagi</signature>
          <title>Eric Yanagi, Management Committee Director of Mill Road Capital III GP LLC, its General Partner</title>
          <date>03/10/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Mill Road Capital III GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Yanagi</signature>
          <title>Eric Yanagi, Management Committee Director</title>
          <date>03/10/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Thomas E. Lynch</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Yanagi</signature>
          <title>Eric Yanagi, attorney-in-fact</title>
          <date>03/10/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
