ION Successfully Completes $10.5 Million Registered Direct Offering
February 18 2021 - 4:15PM
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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