3 Mar 2021director interest notice● Neutral
ION GEOPHYSICAL CORP director S James Nelson received 2,500 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Mar 2021securities registration● Neutral
ION GEOPHYSICAL CORP amended a filing by which it registered a securities offering with the SEC.
3 Mar 2021director interest notice● Neutral
ION GEOPHYSICAL CORP director Tina L Wininger received 2,500 shares as part of the equity award.
3 Mar 2021director interest notice● Neutral
ION GEOPHYSICAL CORP director John N Seitz received 2,500 shares as part of the equity award.
3 Mar 2021director interest notice● Neutral
ION GEOPHYSICAL CORP director Michael Y Mcgovern received 2,500 shares as part of the equity award.
3 Mar 2021director interest notice● Neutral
ION GEOPHYSICAL CORP director David H Barr received 2,500 shares as part of the equity award.
2 Mar 2021director interest notice● Neutral
Sheila M Rodermund became a ION GEOPHYSICAL CORP EVP, Operations Optimization and company insider (initial ownership filing).
26 Feb 2021director interest notice● Neutral
Shaohua Zhang became a ION GEOPHYSICAL CORP director and company insider (initial ownership filing).
19 Feb 2021substantial holder notice● Neutral
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe disclosed a new substantial ION GEOPHYSICAL CORP shareholding (5.55% of votes).
19 Feb 2021agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
18 Feb 2021agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
18 Feb 2021material agreement● NeutralMajor
On Feb 16, 2021 ION agreed to sell 2,990,001 new common shares at $3.50 each in a registered direct offering, for about $10.5M gross, to be used for working capital and general corporate purposes. A.G.P./Alliance Global Partners is placement agent and gets a 6% cash fee. This is new equity separate from the restructuring's $2.57 rights offering, and it dilutes existing shareholders.
18 Feb 2021securities registration● Neutral
ION GEOPHYSICAL CORP filed a prospectus supplement for an offering off its existing shelf.
12 Feb 2021agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
12 Feb 2021securities registration● Neutral
ION GEOPHYSICAL CORP amended a filing by which it registered a securities offering with the SEC.
12 Feb 2021debt financing▲ GoodMajor
On Feb 11, 2021 ION signed an amended restructuring support agreement with holders of about 90% of the second lien notes, and with James Lapeyre Jr., bringing committed tenders to about 92%. It fixed the new-share deal price at $2.57 and the new notes' conversion price at $3.00 per share. ION also signed a support agreement with PNC, its revolving lender, to amend the credit agreement at closing so the new notes and cash payments can be made. This firms up the December plan; shareholder dilution is possible (inference), and the exchange has not yet closed.
12 Feb 2021business combination● NeutralMajor
ION filed Amendment No. 1 to its S-4 for the exchange of its $120.6M 9.125% second lien notes due 2021 into new 8.00% second priority notes due 2025. Support from noteholders has grown from about 84% to about 90%, and with a separate agreement with James Lapeyre Jr. the committed tender rate is 92%, against the 95% needed. Terms are unchanged ($150 cash, $850 of new notes, and $35 in cash, stock at $2.57 or new notes), the rights offering of up to $50M continues, and dates are still blank, so nothing has closed.
11 Feb 2021substantial holder notice● Neutral
Renaissance Technologies LLC, RENAISSANCE TECHNOLOGIES HOLDINGS CORPORATION reported a ION GEOPHYSICAL CORP shareholding of 1,004,267 shares (6.70% of votes) in a periodic institutional filing.
11 Feb 2021quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $27.3 million and a net loss of $13.1 million for the period ended 2020-12-31.
29 Jan 2021business combination● NeutralMajor
On Jan 29, 2021 ION filed an S-4 registering the exchange offer from the December 2020 restructuring agreement. It offers to exchange all $120.6M of 9.125% second lien notes due 2021 for $150 cash, $850 of new 8.00% senior secured second priority notes due 2025 and $35 in cash, stock at $2.57 per share, or new notes, with up to $106.7M of new notes registered. A rights offering for up to $50M of new notes or stock at $2.57 per share is run alongside. The offer needs at least 95% of old notes tendered, and holders of about 84% have committed to tender. The filing is a preliminary prospectus with dates left blank, so nothing has closed yet. Note the filing calls the new notes 8.00% senior secured second priority notes, while the December 8-K called them convertible notes. Christopher Usher now signs as President and CEO, replacing Brian Hanson.
29 Jan 2021securities registration● Neutral
ION GEOPHYSICAL CORP registered a securities offering with the SEC.
22 Jan 2021agm notice● Neutral
ION GEOPHYSICAL CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
5 Jan 2021director interest notice● Neutral
ION GEOPHYSICAL CORP EVP&COO, E&P TECHNO & SERVICES Ken Williamson disposed of 533 shares via option/appreciation-right settlement.
23 Dec 2020debt financing▼ BadMajor
On Dec 23, 2020 ION signed a Restructuring Support Agreement with holders of about 84% of its 9.125% second lien notes due 2021 ($120.6M outstanding). Each $1,000 note would get $150 cash, $850 of new 8.0% second lien convertible notes due Dec 15, 2025, and $35 in cash, stock or new notes at ION's option, plus accrued interest. Shareholders would also get a rights offering for up to $50M of new convertible notes or stock. Conversion price is a 25% premium to the deal price, between $1.80 and $3.00. Noteholders get the right to name two independent directors, and ION will seek approval to raise authorized shares at a special meeting planned for February. This addresses the Dec 2021 maturity that the Aug 2018 PNC extension was conditioned on; for shareholders it means probable dilution from conversion and stock issuance (inference), and completion is still subject to conditions.
3 Dec 2020director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Gen Coun & Corp Secy Matthew R Powers had 974 shares withheld for taxes on vesting stock.
3 Dec 2020director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Operations Optimization Dale J Lambert had 2,835 shares withheld for taxes on vesting stock.
5 Nov 2020quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $16.2 million and a net loss of $16.6 million for the period ended 2020-09-30.
5 Nov 2020quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $16.2 million and a net loss of $16.6 million for the period ended 2020-09-30.
3 Sept 2020director interest notice● Neutral
ION GEOPHYSICAL CORP President & CEO Christopher Theron Usher had 6,279 shares withheld for taxes on vesting stock.
6 Aug 2020quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $22.7 million and a net loss of $5.2 million for the period ended 2020-06-30.