ION Announces $10.5 Million Registered Direct Offering
February 16 2021 - 8:30AM
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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