HOUSTON, Aug. 17, 2015 /PRNewswire/ -- ION
Geophysical Corporation (the "Company") (NYSE: IO) today announced
that it received notice on August 11,
2015 from the New York Stock Exchange (the "NYSE") that the
price of its common stock fell below the NYSE's continued listing
standards. The NYSE requires the average closing price of a listed
company's common stock remain above $1.00 per share over a consecutive 30 trading-day
period. As of August 7, 2015,
the 30 trading-day period average closing price of the Company's
common stock was $0.98 per share.
In accordance with NYSE rules, the Company will respond to the
NYSE within 10 business days of receipt of the notification with
its intent to resolve the deficiency. The Company has six months to
regain compliance with the NYSE continued listing requirements and
will actively monitor its stock price and evaluate all available
options in order to regain compliance within the prescribed time
frame.
During the six-month period, the Company's common stock will
continue to be listed and traded on the NYSE, subject to compliance
with other continued listing standards. The deficiency does not
affect the Company's ongoing business operations or its SEC
reporting requirements.
About ION
ION is a leading provider of
technology-driven solutions to the global oil & gas
industry. ION's offerings are designed to help companies
reduce risk and optimize assets throughout the E&P lifecycle.
For more information, visit iongeo.com.
Contact
Jamey S.
Seely
Executive Vice President and General Counsel
+1.281.552.3011
The information included 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 include
statements concerning future activities and the ultimate outcome of
litigation, which is inherently unpredictable. 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.
Risk factors, which could affect actual results, are disclosed by
the Company from time to time in its filings with the Securities
and Exchange Commission ("SEC"), including its Annual Report on
Form 10-K for the year ended December
31, 2014 and its Quarterly Reports on Form 10-Q filed during
2015.
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SOURCE ION Geophysical Corporation