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IO

Ion Geophysical Corporation New York Stock Exchange
$2
Open: $2.2 High: $2.28 Low: $1.91 Close: $1.99
Range: 2021-04-19 - 2021-04-20
Volume: 1,449,844
Market: Extended-hours
Powered by Finage Stock APIDelayed data
IO
Ion Geophysical Corporation 2105 CityWest Boulevard Houston TX, 77042-2839 http://www.iongeo.com
ION Geophysical Corp provides a variety of seismic products and services, including seismic acquisition equipment, navigation and data-management software products, seismic data processing services to oil and natural gas industry.
  • CEO: R. Brian Hanson
  • Employees: 478
  • Sector: Energy
  • Industry: Oil & Gas - Services
IO News
Latest news about the IO
  • ION announces successful completion of its Exchange Offer and Consent Solicitation, and Rights Offering

    HOUSTON, April 20, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced the successful completion of its previously announced offer to exchange (the “Exchange Offer”) the Company’s 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) for newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration in the form of cash and ION common stock, as described in the Company’s Prospectus dated as of March 10, 2021 (the “Exchange Offer Prospectus”) and its previously announced rights offering (the “Rights Offering”) to its holders of common stock, par value $0.01 per share (the “Common Stock”) to purchase (i) $2.78 principal amount of the New Notes per Right, at a purchase price of 100% of the principal amount thereof or (ii) 1.08 shares of Common Stock per Right, at a purchase price of $2.57 per whole share of Common Stock, as described in the Company’s Prospectus dated as of March 10, 2021 (the “Rights Offering Prospectus” and, together with the Exchange Offer Prospectus, the “Prospectuses”). “We are extremely pleased with the outcome of the transactions, which strengthens our platform and supports our focus to grow and diversify the business,” said Chris Usher, ION’s President and Chief Executive Officer. “Not only does the exchange extend the maturity to 2025 with a lower coupon, but also provides a path to convert nearly all our debt to equity as we execute our strategy over the next couple years. On behalf of ION, I would like to sincerely thank all our stakeholders, as this transformation would not have been possible without their strong support and participation. We remain optimistic about promising growth opportunities to continue evolving our core business and diversifying into new markets associated with the energy transition, sustainability and digitalization.” In the Exchange Offer, an aggregate principal amount of $113,472,000, or approximately 94.1%, of the $120,569,000 outstanding Old Notes were accepted for exchange for (i) $84,652,000 aggregate principal amount of its New Notes, (ii) 6,116,369 shares of the Company’s Common Stock, including 1,542,201 shares issued as the Early Participation Payment and 4,574,168 shares issued as stock consideration in lieu of New Notes, and (iii) $20,659,722 paid in cash, including $3,595,250 of accrued and unpaid interest that became due on the Old Notes as part of the exchange. The Company has accepted for exchange all such Old Notes validly tendered and not validly withdrawn in the Exchange Offer as of the expiration time on April 12, 2021 at 11:59 p.m. New York City time. The amendment to the indenture governing the Old Notes will be effective on such date. Pursuant to the Exchange Offer, post-closing, the Company will make an offer to participants to repurchase New Notes at par for up to 50% of the proceeds raised in excess of $35 million from the Rights Offering valued at $3,417,643. In the concurrent Rights Offering, an aggregate amount of $41,835,286 of Rights (including over-subscriptions) was validly exercised by the holders of the Company’s Common Stock, $30,081,000 allocated in New Notes and $11,754,286 allocated in 4,573,652 shares of ION Common Stock. All over-subscription rights were exercised without proration as the $50 million limit on proceeds was not exceeded. Backstop parties were paid 5% backstop fees, in kind, resulting in the issuance of an additional $1,460,000 aggregate principal amount of New Notes and 215,241 shares of Common Stock. In total, $116,193,000 in aggregate principal amount of New Notes and 10,905,262 shares of Common Stock were issued and delivered through the clearing systems of the Depository Trust Company today. ION will receive approximately $14 million in net proceeds from the transactions after deducting noteholder obligations, estimated transaction fees and accrued and unpaid interest paid on the Old Notes. Post transactions, a total of 28,811,207 shares of Common Stock are outstanding as of April 20, 2021. The Rights Offering and Exchange Offer were made pursuant to registration statements on Form S-1 and Form S-4, respectively, on file with the Securities and Exchange Commission (the “SEC”). To obtain a copy of the Rights Offering Prospectus and the Exchange Offer Prospectus free of charge, visit the SEC website at www.sec.gov or contact D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 12, 2021, and the Company’s Registration Statements on Form S-1 and Form S-4, each filed with the SEC on January 29, 2021, and amended on February 12, 2021 and March 3, 2021, and the Prospectuses, each filed with the SEC on March 10, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the SEC, including its Annual Report on Form 10-K and any Quarterly Report on Form 10-Q and Current Report on Form 8-K subsequently filed with the SEC during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION to present at the 24th Annual Burkenroad Reports Investment Conference

    HOUSTON, April 16, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced the Company will participate in the 24th Annual Burkenroad Reports Investment Conference to be held virtually on April 23, 2021. Rachel White, Vice President of Investor Relations, is scheduled to present on Friday, April 23rd at 11:45 a.m. Central Time. The webcast link and slides will be available on the Investor Relations section of the ION website at ir.iongeo.com the day of the presentation. A replay of the webcast will be available following the live event. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION revises settlement date of its Exchange Offer and Rights Offering

    HOUSTON, April 15, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced it is revising the previously announced settlement date of its Exchange Offer and Rights Offering. The extension is to enable all of the required information, exchange and clearing agents to finish validating, tabulating and processing the subscriptions given the complexity of the transactions. The Company now expects to settle on or about Monday, April 19, 2021. The Rights Offering and Exchange Offer are being made pursuant to registration statements on Form S-1 and Form S-4, respectively, on file with the Securities and Exchange Commission (the “SEC”). Holders of ION Common Stock and Old Notes may obtain a copy of each prospectus free of charge on the SEC website at www.sec.gov or by contacting D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION announces expiration and results of its Exchange Offer and Rights Offering

    HOUSTON, April 13, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced the expiration and results of its previously announced Exchange Offer and Rights Offering. In the Exchange Offer, approximately $113.5 million, or 94.1%, of the existing $120.6 million 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) were tendered. The majority of the exchange consideration will be in the form of newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”). In the concurrent Rights Offering, shareholders exercised subscription rights totaling approximately $45 million, apportioned as approximately $32 million in New Notes and $13 million in ION Common Stock. All over-subscription rights will be exercised without proration as the $50 million limit on proceeds was not exceeded. Final results of the Exchange Offer and Rights Offering are subject to change pending the finalization of subscription procedures by the subscription agent and will be announced at closing on April 15, 2021. “We are pleased with the overall level of participation these transactions have received from both our noteholders and shareholders, and we look forward to sharing more detailed information about how this balance sheet restructuring will transform our capital structure once the transaction settles later this week,” said Chris Usher, ION’s President and Chief Executive Officer. The Rights Offering and Exchange Offer are being made pursuant to registration statements on Form S-1 and Form S-4, respectively, on file with the Securities and Exchange Commission (the “SEC”). Holders of ION Common Stock and Old Notes may obtain a copy of each prospectus free of charge on the SEC website at www.sec.gov or by contacting D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission (“SEC”), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION awarded exclusive agreement for 3D multi-client programs offshore Kenya

    HOUSTON, April 08, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company was awarded an exclusive agreement for 3D multi-client programs offshore Kenya. The agreement includes both 3D new acquisition offshore the Lamu Basin and reimaging vintage data offshore Kenya. Offshore Kenya is an attractive area with a proven petroleum system; however, it has remained underexplored, in part due to lack of available 3D data. The final shape and size of new 3D programs will be dictated by client input and underwriting. “We are pleased Kenya’s Ministry of Energy and Petroleum selected ION to increase the understanding and promote the hydrocarbon potential of these offshore resources to attract future investment,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “The program will leverage our extensive data library and knowledge offshore Kenya and East Africa. In an increasingly competitive environment for seismic data, we have geographic exclusivity in a promising, underexploited geography to execute our 3D strategy, for both new acquisition and reimaging programs. Kenya represents a fourth significant opportunity to diversify our successful 3D reimaging, in addition to Mexico, Brazil and Mauritania.” To learn more, visit iongeo.com/Kenya3D. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission (“SEC”), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION Geophysical (IO) to Begin Phase 2 of North Sea Survey Program

    ION Geophysical (IO) finalizes plans to launch the second phase of its North Sea 3D multi-client program, with the majority of the 11,000-sq-km industry-supported survey to be acquired this summer.

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  • ION announces preliminary first quarter 2021 results, an extension to participate in its Rights Offering and Exchange Offer to April 12th, and waiver of 95% Minimum Tender Condition

    HOUSTON, April 05, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced that the Company expects to report first quarter 2021 revenues of approximately $14 million. The Company’s cash balance at March 31, 2021 is expected to be approximately $34 million, including net revolver borrowings of $21 million. Total liquidity, consisting of cash on hand and remaining available borrowing base capacity under the revolving credit facility, is expected to be approximately $39 million at quarter end. Despite continued near-term market challenges, backlog increased for the third consecutive quarter to approximately $21 million, primarily due to the Company’s strategic entry into the 3D new acquisition multi-client market. ION expects to recognize the majority of this backlog during the second and third quarters as its Mid North Sea High program progresses this summer. “While our first quarter revenues were negatively impacted by lower multi-client data sales, we saw increasing client activity towards quarter end, providing new evidence of pent up demand for data by E&P customers to support portfolio rebalancing,” said Chris Usher, ION’s President and Chief Executive Officer. “The first quarter results reflect previously noted near-term uncertainty, however, we continue to believe our U-shaped recovery thesis starting in the back half of the year remains intact. In addition, oil prices improved considerably since the start of the year, generally a leading indicator of increased client spending.” Extension to Participate in Rights Offering and Exchange Offer The Company also announced today an extension of its previously announced Rights Offering by two business days to accommodate multiple requests for additional time for shareholders to subscribe. The Rights Offering will now expire immediately after 5:00 p.m., New York City time, on Monday, April 12, 2021. The previously announced Exchange Offer will likewise be extended by two business days to expire immediately after 11:59 p.m., New York City time, on Monday, April 12, 2021. Rights holders who want to participate in the Rights Offering should contact their financial advisor for the timing and procedures to exercise their subscription rights as far in advance of April 12, 2021 as is practical. Holders of ION’s existing 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) who want to participate in the Exchange Offer should contact D.F. King & Co., Inc., the Information and Exchange Agent for the Exchange Offer at the contact information provided below. “We are pleased with the strong investor support for our restructuring, and would like to thank both our noteholders and backstop parties for their significant commitments to these transactions,” added Chris Usher, ION’s President and Chief Executive Officer. “Given the high level of interest in the Rights Offering and requests for additional time over the last few days, we believe it is prudent to grant an extension to allow additional time to process subscriptions from shareholders of record who would like to participate.” Waiver of 95% Minimum Tender Condition The Company also announced the completion of the last significant closing condition of the Exchange Offer—namely, a waiver of the requirement that 95% of bondholders participate in the Exchange Offer by the supporting noteholders and PNC Bank, National Association. To date, approximately 93.92% of the Old Notes have been tendered in the Exchange Offer. As a result, the Company believes that all material closing conditions of the Exchange Offer transaction have been, or will be, satisfied or waived and ION expects the Exchange Offer and Rights Offering to now settle on April 15, 2021. The Rights Offering and Exchange Offer are being made pursuant to registration statements on Form S-1 and Form S-4, respectively, on file with the Securities and Exchange Commission. You are urged to carefully read the prospectuses before making any decision with respect to the Rights Offering and the Exchange Offer. Questions regarding the terms and conditions of the Rights Offering and the Exchange Offer should be directed to D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com. None of the Company, the dealer manager, the trustee with respect to the Old Notes and the trustee with respect to the new notes, the information and exchange agent or any affiliate of any of them makes any recommendation as to whether holders of the Old Notes should exchange their Old Notes in the Exchange Offer or deliver Consents in the Consent Solicitation, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Old Notes and deliver Consents and, if so, the principal amount of Old Notes to tender. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION finalizes plans to acquire second phase of North Sea 3D multi-client program

    HOUSTON, March 30, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company has now finalized plans to launch the second phase of its North Sea 3D multi-client program, following on from Phase 1, which commenced in August 2020. The field data for this latest addition will be collected from approximately late April to mid-October. Located in a highly productive hydrocarbon province, the Mid North Sea High survey covers one of the few underexplored areas offshore the UK, which has garnered significant interest from recent play-opening wells with attractive development costs. Most of the ~11,000 sq km survey will be acquired this summer, covering an area six times larger than the initial phase. Since the program launched last August, additional underwriting was secured and additional acreage was awarded within the survey area, further validating the program’s merits and expanding the potential client base for this new data asset. The combination of Shearwater’s modern acquisition technology and ION’s top tier imaging produced excellent subsurface images that have revealed new insights into this complex Zechstein play. Therefore, ION is pleased to have selected Shearwater GeoServices to return this year to acquire the data for the second phase. To maximize data collection during the short North Sea summer season, ION’s Optimization Services team will utilize the Company’s Marlin™ and Orca® software that incorporate impacts from ocean currents and nearby operations to optimize decisions in real time. Final data for the first and second phases remains on track for delivery in Q2 2021 and Q2 2022, respectively. “The Mid North Sea High program demonstrates continued execution of one of our top strategic objectives to participate in the 3D new acquisition multi-client market, and this larger second phase will be significantly more material and accretive to our earnings,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “These surveys have solidified ION as a recognized 3D player in the industry, evidenced by the 3D multi-client tenders we have received and potential future 3D program conversations which are ongoing. The survey is much larger than any existing 3D data nearby, and in some cases is providing the first high resolution 3D images of the area, delivering important new geological insights to inform investment and development decisions for the entire play.” To learn more, visit iongeo.com/MidNorthSeaHigh3D. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION announces preliminary results of pending Exchange Offer

    HOUSTON, March 25, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced that as of immediately after 11:59 p.m., New York City time, on March 24, 2021 (the “Early Tender Time”), the Company had received tenders and consents in its pending offer to exchange (the “Exchange Offer”) the Company’s 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) as set forth in the following table, for newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration described in the Company’s Prospectus dated as of March 10, 2021 (the “Prospectus”). Title of Notes Aggregate Principal Amount Outstanding Principal Amount Tendered by Early Tender Time Percent Tendered by Early Tender Time9.125% Senior Secured Second Priority Notes due 2021 $120,569,000 $113,244,000 93.92% As previously announced, the Exchange Offer is scheduled to expire immediately after 11:59 p.m., New York City time, on April 8, 2021, unless extended or earlier terminated by the Company (such date and time, as the same may be extended, the “Expiration Time”). Eligible holders may tender their Old Notes in the Exchange Offer until the Expiration Time. Tendered Old Notes may be validly withdrawn prior to 5:00 p.m., New York city time, on April 8, 2021 (such date and time, as the same may be extended, the “Withdrawal Deadline”) but not thereafter, subject to limited exceptions, unless such time is extended by the Company at it sole discretion. It is expected that the settlement date will be on or about April 13, 2021, or as soon as practicable thereafter (such date and time, as the same may be extended, the “Settlement Date”). The Exchange Offer is subject to certain closing conditions, including participation in the Exchange Offer by at least 95% of the outstanding principal amount of the Old Notes as of the Expiration Time (the “Minimum Participation Condition”). The Minimum Participation Condition has not yet been met. The Company reserves the right, subject to the consent of the supporting parties in certain circumstances, to amend or extend the Exchange Offer, or amend, modify, or waive, in whole or in part, the terms of the Exchange Offer in any manner not prohibited by law, in connection with any efforts to achieve the Minimum Participation Condition. In conjunction with the Exchange Offer, the Company also solicited consents (the “Consent Solicitation”) from holders of Old Notes (“Consents”) to certain proposed amendments to the indenture governing the Old Notes, dated as of April 28, 2016 (the “Old Notes Indenture”), to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the Old Notes Indenture and to release all collateral securing the Old Notes (the “Proposed Amendments”). The Company must receive Consents by holders of Old Notes representing at least 66 2/3% of the outstanding principal amount of the Old Notes to adopt the Proposed Amendments (the “Requisite Consents”). Based on the tenders received in the Exchange Offer and the Consents received in the Consent Solicitation (and assuming all other conditions to the closing of the Exchange Offer and the Consent Solicitation have been satisfied or waived), the Company has received the Requisite Consents necessary for the adoption of the Proposed Amendments to the Old Notes Indenture. The description above includes only a summary of certain key terms of the Exchange Offer and the Consent Solicitation. The complete terms and conditions of the amended Exchange Offer are contained in the Prospectus and a registration statement on Form S-4 for the New Notes, filed by the Company with the Securities and Exchange Commission on January 29, 2021, as amended by the Amendment No. 1, file with the Commission on February 12, 2021, and by the Amendment No. 2, filed with the Commission on March 3, 2021. Investors are urged to carefully read the Prospectus before making any decision with respect to the Exchange Offer and the Consent Solicitation. Oppenheimer & Co., Inc. is acting as the dealer manager for the Exchange Offer and solicitation agent for the Consent Solicitation. The Exchange Offer and the Consent Solicitation are being made, and the New Notes are being offered and issued, only to holders of Old Notes. Copies of the Prospectus pursuant to which the Exchange Offer and the Consent Solicitation are being made may be obtained from D.F. King & Co., Inc., as information and exchange agent for the Exchange Offer and the Consent Solicitation. Questions regarding the terms and conditions of the Exchange Offer and the Consent Solicitation should be directed to D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com. None of the Company, the dealer manager, the trustee with respect to the Old Notes and the trustee with respect to the New Notes, the information and exchange agent or any affiliate of any of them makes any recommendation as to whether holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offer or deliver Consents in the Consent Solicitation, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Old Notes and deliver Consents and, if so, the principal amount of Old Notes to tender. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase or sell any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the Company’s ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see the Company’s Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and the Company’s Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the SEC, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION Geophysical (IO) Wins Extension of Gemini Tech Deployment

    ION Geophysical (IO) awards extension of the successful deployment of its Gemini source technology in response to the strong industry demand.

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  • ION announces commencement of Rights Offering

    HOUSTON, March 23, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company”) today announced that it has commenced its previously announced Rights Offering. The Company is distributing, at no charge, to its holders of common stock, par value $0.01 per share (the “Common Stock”) as of 5:00 p.m. New York City time on March 22, 2021 (the “Record Date”), non-transferable subscription rights (the “Rights”) to purchase (i) $2.78 principal amount of the 8.00% Senior Secured Second Priority Convertible Notes due 2025 (the “Notes”) per Right, at a purchase price of 100% of the principal amount thereof or (ii) 1.08 shares of Common Stock per Right, at a purchase price of $2.57 per whole share of Common Stock; provided that any Notes will only be issued in minimum increments of $1,000 and will be rounded down to the nearest whole increment of $1,000 and any shares of Common Stock will only be issued in whole numbers of shares with any fractional shares of Common Stock rounded down to the nearest whole share. Each holder of Common Stock will receive one Right for each share of Common Stock owned as of the Record Date. The maximum amount of net proceeds that the Company may receive from the Rights Offering is $50 million, before deducting certain fees and expenses of the offering. The Rights Offering is intended to generate proceeds to make certain payments to holders of its 9.125% Senior Secured Second Priority Notes due 2021 (the “Existing Second Lien Notes”) in the Company’s previously announced Exchange Offer and for general corporate purposes. The Rights Offering will terminate, as to unexercised rights, at 5:00 p.m. New York City time on April 8, 2021, unless the Company elects to extend the Rights Offering. Holders who subscribe for all of their basic subscription rights can also elect to subscribe for additional shares pursuant to an over-subscription privilege. In connection with the Rights Offering, as of March 23, 2021, the Company has entered into backstop agreements (the “Backstop Agreements”) with several holders of Common Stock (the “Backstop Providers”) pursuant to which the Backstop Providers have agreed, in the aggregate, to purchase approximately $40.1 million of Notes at par or shares of Common Stock at $2.57 per share pursuant to the over-subscription privilege (the “Backstop Commitment”). If holders of Common Stock, including the Backstop Providers, subscribe for more than $50 million, in the aggregate, of Notes and Common Stock, then the Notes and Common Stock actually delivered to each subscriber, will be decreased, pro rata, to give effect to the $50 million limit on proceeds noted in the preceding paragraph. The Backstop Agreements are subject to other customary terms and conditions, including payment, in principal amount of Notes or shares of Common Stock at $2.57 per share, of a backstop fee in an amount up to five percent (5%) of the Backstop Commitment. To complete the Rights Offering, the Company must receive net proceeds of at least $20 million from the Rights Offering. The current Backstop Commitment will allow the Company to satisfy this condition. Beneficial owners of Common Stock who desire to participate and acquire Notes or Common Stock in the Rights Offering should contact their brokers, dealers or other nominee holders of their Common Stock. The description above includes only a summary of certain key terms of the Rights Offering. The complete terms and conditions of the Rights Offering are contained in a registration statement on Form S-1, including the prospectus, respecting the Rights Offering filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) that became effective on March 10, 2021. A copy of the prospectus relating to the Rights Offering along with additional materials related to the Rights Offering will be mailed to the Company’s stockholders as of the Record Date as soon as practicable on or about March 23, 2021. Stockholders may also obtain a copy of the prospectus free of charge on the SEC website at www.sec.gov or by contacting the information agent for the Rights Offering, D.F. King & Co., Inc., at 1 (877) 732-3617 or ion@dfking.com. Oppenheimer & Co. Inc. is acting as the sole Dealer Manager for the Rights Offering. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the Company’s ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see the Company’s Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and the Company’s Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the SEC, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION awarded extension of Gemini source deployment by Super Major

    HOUSTON, March 22, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Super Major currently deploying the Company’s Gemini™ extended frequency source on a proprietary survey has elected to extend the successful technology deployment. The Company reported the original Middle East deployment in January. The extension will nearly double the duration and area of the original commercial program, validating the technology’s commercial readiness, data quality, and operational and environmental benefits. In today’s rapidly evolving energy landscape, E&P customers are seeking the most effective technologies to help rebalance their portfolios and achieve optimal ROI from their assets throughout the energy transition. Many of the attractive geographies for continued E&P investment coincide with some of the world's most complex geological settings, where more accurate imaging is essential for effective resource delineation and extraction. Gemini uniquely supports innovative acquisition methods that deliver the requisite improved data quality, with better environmental compliance, for enhancing critical client decision-making in these areas. “We are delighted with our new offering’s robust performance on this survey, which demonstrated low technical downtime and achieved tight specifications for sailing speeds,” said Chris Usher, ION’s President and Chief Executive Officer. “The survey extension is a significant vote of confidence by the Super Major and is now expected to wrap up in late May. In response to strong industry demand, we plan to increase Gemini capacity four-fold for programs this summer.” To learn more, visit iongeo.com/Gemini. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • Are Options Traders Betting on a Big Move in Ion Geophysical (IO) Stock?

    Investors need to pay close attention to Ion Geophysical (IO) stock based on the movements in the options market lately.

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  • ION commences Exchange Offer and Consent Solicitation for 9.125% Second Lien Notes due 2021

    HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (“ION” or the “Company”) (NYSE: IO) today announced it has commenced an offer to exchange (the “Exchange Offer”) any and all of its outstanding 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) for its new 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration described below, upon the terms and subject to the conditions set forth in its prospectus dated today (the “Prospectus” and, together with the related letter of transmittal, the “Offering Materials”) and filed with the Securities and Exchange Commission (the “SEC”). The following table sets forth details regarding the Old Notes and the Exchange Consideration and the Early Participation Payment. Old Notes CUSIP Number or ISIN Principal Amount Outstanding Exchange Consideration(1)(2) Early Participation Payment(1)(2)(3)9.125% Senior Secured Second Priority Notes due 2021 462044AH1462044AF5462044AG3U4608CAB4 $120,569,000 (a) $150 in cash; and (b) $850 in New Notes, subject to certain rights to instead deliver or receive shares of common stock of the Company as described in more detail in the Prospectus. $35, at the Company's option, either in (I) cash, (II) common stock of the Company based on $2.57 per share, or (III) New Notes. (1)Per $1,000 principal amount of Old Notes. (2)Excludes accrued and unpaid interest, which shall be paid in addition to the Exchange Consideration. (3)For the benefit of Holders of Old Notes validly tendered (and not validly withdrawn) at or prior to 11:59 p.m., New York City time, on March 24, 2021 (such date and time, as the same may be extended, the “Early Tender Time”). The Exchange Offer will expire at 11:59 p.m., New York City time, on April 8, 2021, unless extended (such date and time, as the same may be extended, the “Expiration Time”). Tendered Old Notes may be validly withdrawn prior to 5:00 p.m., New York City time, on April 8, 2021 (such date and time, as the same may be extended, the “Withdrawal Deadline”). Holders who tender their Old Notes at or prior to the Early Tender Time will be eligible to receive, for each $1,000 principal amount of Old Notes tendered, the Early Participation Payment as described above. Payment of accrued and unpaid interest on the Old Notes accepted for exchange will be made in cash promptly after the Expiration Time. Holders who participate in the Exchange Offer will also be giving their consents (the “Consent Solicitation”) to certain proposed amendments to the indenture governing the Old Notes to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the indenture governing the Old Notes and to release all collateral securing the Old Notes (the “Proposed Amendments”). The Company must receive consents by holders representing at least 66 2/3% of the outstanding principal amount of the Old Notes to adopt the Proposed Amendments (the “Requisite Consents”). The Exchange Offer and the Consent Solicitation are subject to a limited number of conditions, including (i) the valid tender of Old Notes (which are not validly withdrawn) in an aggregate principal amount constituting at least 95% of the aggregate principal amount outstanding of Old Notes and (ii) that the Company receives net cash proceeds of at least $20 million in the Company’s offering of rights to all holders of its common stock to subscribe for up to $50 million of New Notes issued at par, or common stock issued at $2.57 per share (the “Rights Offering”) that will launch soon after the Exchange Offer. Holders of Old Notes representing approximately 92% of the aggregate principal amount outstanding under the Old Notes have agreed to support the Exchange Offer and the Consent Solicitation by the Company, and the Company has backstop commitments with respect to the Rights Offering that will ensure the Company generates at least $20 million in net proceeds from the Rights Offering. Any Old Notes that remain outstanding after the consummation of the Exchange Offer will be effectively subordinated to the secured indebtedness represented by the New Notes and all existing secured indebtedness of the Company and the guarantors with respect to substantially all the assets of the Company, to the extent of the value of the collateral securing such obligations. In addition, substantially all of the restrictive covenants and certain of the default provisions contained in the indenture governing the Old Notes will be eliminated upon the receipt of the Requisite Consents. The Notes will accrue interest at the rate of 8.0% per annum (as compared to the rate of 9.125% on the Old Notes). The New Notes will mature on December 15, 2025 (as compared to the maturity of the Old Notes on December 15, 2021). The New Notes will be secured on a second-priority basis, subject to liens securing the Company’s obligations under its existing credit agreement, and unconditionally guaranteed by certain of the Company’s subsidiaries (while any Old Notes that remain outstanding after the consummation of the Exchange Offer will be effectively subordinated to the secured indebtedness represented by the New Notes). The New Notes will also be convertible into shares of the Company’s common stock as described in more detail below. Holders of New Notes may convert all or any portion of their New Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date. The conversion rate will initially be 333 shares of common stock per $1,000 principal amount of new notes (equivalent to an initial conversion price of approximately $3.00 per share of common stock) and is subject to adjustments as described in the Prospectus. For a more detailed description of the New Notes, see the “Description of the New Notes” in the Prospectus. Investors are urged to carefully read the Prospectus before making any decision with respect to the Exchange Offer. The description above includes only a summary of certain key terms of the Exchange Offer. The complete terms and conditions of the Exchange Offer are contained in a registration statement on Form S-4 for the New Notes, including a prospectus, filed by the Company with the SEC. Oppenheimer & Co. Inc. is acting as the sole dealer manager for the Exchange Offer. The Exchange Offer is being made, and the New Notes are being offered and issued, only to holders of Old Notes. Copies of the prospectus pursuant to which the Exchange Offer is being made may be obtained from the Company at 1 (281) 933-3339. Questions regarding procedures for tendering Old Notes may be directed to D.F. King & Co., Inc., the information agent and exchange agent for the Exchange Offer, at 1 (877) 732-3617 (toll-free) or 1 (212) 269-5550 (for banks and brokers). None of the Company, the dealer manager, the trustee with respect to the Old Notes and trustee with respect to the New Notes, the information and exchange agent or any affiliate of any of them makes any recommendation as to whether holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Old Notes and, if so, the aggregate principal amount of Old Notes to tender. This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About IONLeveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. ContactMike MorrisonExecutive Vice President and Chief Financial Officer+1.281.879.3615 The Company has filed registration statements (including prospectuses) with the SEC for the offerings to which this press release relates. Before you invest, you should read each applicable prospectus in the applicable registration statement and other documents the Company has filed with the SEC for more complete information about the Company and these offerings. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, the dealer manager and the information agent and exchange agent for the Exchange Offer will arrange to send you the applicable prospectus if you request it by calling the Company at 1 (281) 933-3339, the dealer manager toll-free at 1 (212) 667-7900, and the information agent and exchange agent for the exchange offer at 1 (877) 478-5045 (toll-free) or 1 (212) 269-5550 (for banks and brokers). The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the Company’s ability to complete the Exchange Offer and other related matters in a timely manner, if at all; the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; political, execution, regulatory, and currency risks; the COVID-19 pandemic; and agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels. For additional information regarding these various risks and uncertainties, see the Company’s Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and the Company’s Form S-1 and Form S-4, each filed with the SEC on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the SEC, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION announces revised record date for Rights Offering for new convertible Second Lien Notes or common stock

    HOUSTON, March 09, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) announced today that it is proceeding with steps to launch its previously announced rights offering (“Rights Offering”) for its New Second Lien Convertible Notes (“New Notes”) or its Common Stock, as part of its restructuring transactions (the “Restructuring Transactions”) approved by shareholders on February 23, 2021. The Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”). The Company expects to launch the Rights Offering after the Registration Statement is declared effective by the SEC. The original record date of March 15, 2021 has been rescheduled to March 22, 2021 (the “Record Date”). Each of our shareholders as of the Record Date will receive one non-transferable subscription right (“Right”) for each share of our Common Stock they own. Each Right will entitle a holder to purchase (i) a principal amount of our New Notes equal to $50,000,000 divided by the number of shares of our Common Stock outstanding as of the Record Date, at a purchase price of 100% of the principal amount thereof or (ii) a number of shares of our Common Stock equal to $50,000,000 divided by the purchase price of $2.57 per share divided by the number of shares of our Common Stock outstanding as of the Record Date, at a purchase price of $2.57 per whole share of Common Stock; provided that any New Notes will only be issued in minimum increments of $1,000 and any exercise of Rights therefore will be rounded down to the nearest whole increment of $1,000 and any shares of Common Stock will only be issued in whole numbers of shares with any fractional shares of our Common Stock rounded down to the nearest whole share. As of March 9, 2021, we had 17,960,434 shares of Common Stock outstanding such that each Right would entitle a holder to purchase (i) $2.78 principal amount of our New Notes or (ii) 1.08 shares of our Common Stock. Each holder of a Right will be entitled to an over-subscription privilege to purchase additional securities that may remain unsubscribed as a result of any unexercised rights. We expect to distribute the certificates evidencing the Rights and other materials related to the Rights Offering shortly after the Record Date. In connection with the Rights Offering, as of March 2, 2021, we have entered into backstop agreements (the “Backstop Agreements”) with several parties (the “Backstop Providers”) pursuant to which the Backstop Providers have agreed, in the aggregate, to purchase in excess of $20,000,000 of New Notes at par or shares of Common Stock at $2.57 per share (the “Backstop Commitment”). The Backstop Agreements are subject to customary terms and conditions, including payment, in principal amount of New Notes or shares of Common Stock at $2.57 per share, of a backstop fee in an amount up to five percent (5%) of the Backstop Commitment. To complete the Rights Offering and effect the Restructuring Transactions, we must receive net proceeds of at least $20,000,000 from the Rights Offering. The current Backstop Commitment will allow ION to satisfy this condition. Further details of the Rights Offering will be publicly announced and a prospectus supplement containing the detailed terms of the Rights Offering will be filed with the SEC following clearance of the registration statement by the SEC. For additional details regarding the Restructuring Transactions, including the Exchange Offer and the Rights Offering, please see our Current Report on Form 8-K filed with the SEC on February 12, 2021. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The information in this press release is not complete and is subject to change. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The Rights Offering will be made only by means of prospectus. Copies of the prospectus, when it becomes available, will be distributed to all eligible stockholders as of the Rights Offering Record Date and may also be obtained free of charge on the SEC website at www.sec.gov or by contacting the information agent, D.F. King & Co., Inc., for the Rights Offering. About IONLeveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. ContactMike MorrisonExecutive Vice President and Chief Financial Officer+1.281.879.3615 The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION announces Rights Offering for new convertible Second Lien Notes or common stock

    HOUSTON, March 05, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) announced today that it is proceeding with steps to launch its previously announced rights offering (“Rights Offering”) for its New Second Lien Convertible Notes (“New Notes”) or its Common Stock, as part of its restructuring transactions (the “Restructuring Transactions”) approved by shareholders on February 23, 2021. The Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”). The Company expects to launch the rights offering after the Registration Statement is declared effective by the SEC. Each of our shareholders as of March 15, 2021 (the “Record Date”) will receive one non-transferable subscription right (“Right”) for each share of our Common Stock they own. Each Right will entitle a holder to purchase (i) a principal amount of our New Notes equal to $50,000,000 divided by the number of shares of our Common Stock outstanding as of the Record Date, at a purchase price of 100% of the principal amount thereof or (ii) a number of shares of our Common Stock equal to $50,000,000 divided by the purchase price of $2.57 per share divided by the number of shares of our Common Stock outstanding as of the Record Date, at a purchase price of $2.57 per whole share of Common Stock; provided that any New Notes will only be issued in minimum increments of $1,000 and any exercise of Rights therefore will be rounded down to the nearest whole increment of $1,000 and any shares of Common Stock will only be issued in whole numbers of shares with any fractional shares of our Common Stock rounded down to the nearest whole share. As of March 5, 2021, we had 17,960,434 shares of Common Stock outstanding such that each Right would entitle a holder to purchase (i) $2.78 principal amount of our New Notes or (ii) 1.08 shares of our Common Stock. Each holder of a Right will be entitled to an over-subscription privilege to purchase additional securities that may remain unsubscribed as a result of any unexercised rights. We expect to distribute the certificates evidencing the Rights and other materials related to the Rights Offering shortly after the Record Date. In connection with the Rights Offering, as of March 2, 2021, we have entered into backstop agreements (the “Backstop Agreements”) with several parties (the “Backstop Providers”) pursuant to which the Backstop Providers have agreed, in the aggregate, to purchase in excess of $20,000,000 of New Notes at par or shares of Common Stock at $2.57 per share (the “Backstop Commitment”). The Backstop Agreements are subject to customary terms and conditions, including payment, in principal amount of New Notes or shares of Common Stock at $2.57 per share, of a backstop fee in an amount up to five percent (5%) of the Backstop Commitment. To complete the Rights Offering and effect the Restructuring Transactions, we must receive net proceeds of at least $20,000,000 from the Rights Offering. The current Backstop Commitment will allow ION to satisfy this condition. Further details of the rights offering will be publicly announced and a prospectus supplement containing the detailed terms of the rights offering will be filed with the SEC following clearance of the registration statement by the SEC. For additional details regarding the Restructuring Transactions, including the Exchange Offer and the Rights Offering, please see our Current Report on Form 8-K filed with the SEC on February 12, 2021. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The information in this press release is not complete and is subject to change. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The Rights Offering will be made only by means of prospectus. Copies of the prospectus, when it becomes available, will be distributed to all eligible stockholders as of the Rights Offering Record Date and may also be obtained free of charge on the SEC website at www.sec.gov or by contacting the information agent, D.F. King & Co., Inc., for the Rights Offering. About IONLeveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com. ContactMike MorrisonExecutive Vice President and Chief Financial Officer+1.281.879.3615 The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION secures requisite backstop support for rights offering, another key bond restructuring milestone

    HOUSTON, March 03, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company has secured more than $20 million in backstop support for its rights offering. This was a critical milestone in the bond restructuring process, as the supporting bondholders had conditioned their participation in the upcoming bond exchange offer on the Company securing this amount of backstop support. The Company will seek to obtain additional backstop support in connection with the rights offering until the maximum amount is secured or the record date (the date on which a person must hold shares to participate) is reached. Oppenheimer & Co. Inc. is serving as the exclusive dealer manager for the rights offering. For additional details regarding the bond exchange offer and rights offering transactions, please refer to the registration statements on Form S-1 and Form S-4 filed with the SEC today. “This milestone was a significant hurdle to closing the bond restructuring transactions,” said Chris Usher, ION’s President and Chief Executive Officer. “The deal provides the opportunity to participate in both debt and equity, depending on the party’s preference, with attractive backstop premiums. We are in the final stretch and remain on track to complete the transactions in early April.” About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available. The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION receives shareholder approval for bond restructuring transactions

    HOUSTON , Feb. 23, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that, during a special meeting held earlier today, the Company’s shareholders voted to approve all three proposals submitted in its January 22nd Proxy. 98% of votes cast were in favor of the bond restructuring transactions, 96% were in favor of the associated increase to our available shares of common stock, and 79% were in favor of replenishing the Company’s long-term incentive plan. The Company remains on track to execute the bond restructuring transactions and associated rights offering in early April. “On behalf of ION, I would like to thank our shareholders for their important support of our proposals, enabling us to take a critical step closer to completing the bond restructuring transactions,” commented Chris Usher, ION’s President and Chief Executive Officer. “This is a key milestone in our timeline to complete these transactions and reestablish a healthy platform for post-pandemic recovery and continued strategy execution.” About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available. The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION Successfully Completes $10.5 Million Registered Direct Offering

    HOUSTON, Feb. 18, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (ION or the “Company”) today announced the successful completion of its previously announced registered direct offering of 2,990,001 shares of its common stock at a purchase price of $3.50 per share. The Company intends to use the gross proceeds of approximately $10.5 million, excluding transaction expenses, for working capital and general corporate purposes. Chris Usher, ION’s President and Chief Executive Officer, said, “I am very pleased with the transaction as it strengthens our balance sheet and provides additional flexibility to manage the business through the tail end of the pandemic. We continue to proceed with the upcoming bond restructuring transactions and associated rights offering, pending shareholder approval, in early April.” A.G.P./Alliance Global Partners acted as the sole placement agent for the offering. The securities were offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333- 234606) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available. The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021, and amended on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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  • ION Announces $10.5 Million Registered Direct Offering

    HOUSTON, Feb. 16, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (ION or the “Company”) today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 2,990,001 shares of its common stock at a purchase price of $3.50 per share in a registered direct offering. The closing of the offering is expected to occur on or about February 18, 2021, subject to the satisfaction of customary closing conditions. Chris Usher, ION’s President and Chief Executive Officer, said, “The proceeds will provide additional liquidity and flexibility to manage the business through the tail end of the pandemic. We still plan to execute the upcoming bond restructuring transactions and associated rights offering, pending shareholder approval, in early April.” A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333- 234606) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About IONLeveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com. Contacts:ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available. The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and our Forms S-1 and S-4, filed on January 29, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

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