31 Jan 2019substantial holder notice● Neutral
Rajay Bagaria reported a ION GEOPHYSICAL CORP shareholding of 702,253 shares (5.02% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2019substantial holder notice● Neutral
Invesco Ltd reported a ION GEOPHYSICAL CORP shareholding of 687,988 shares (4.90% of votes) in a periodic institutional filing.
31 Jan 2019substantial holder notice● Neutral
WASSERSTEIN DEBT OPPORTUNITIES MANAGEMENT, LP, WDO MANAGEMENT GP, LLC, Joseph Dutton reported a ION GEOPHYSICAL CORP shareholding of 692,803 shares (4.95% of votes) in a periodic institutional filing.
15 Jan 2019substantial holder notice● Neutral
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe reported a ION GEOPHYSICAL CORP shareholding of 832,314 shares (4.99% of votes) in a periodic institutional filing.
23 Nov 2018agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
9 Nov 2018agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
2 Nov 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $47.2 million and a net loss of $7.5 million for the period ended 2018-09-30.
1 Nov 2018agm notice● Neutral
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
1 Nov 2018asset acquisition disposition▼ BadMajor
ION reported Q3 2018 results: revenue of $47.2M (down 23% from $61.1M), net loss of $7.5M ($0.54 per share), and Adjusted EBITDA of $13.0M versus $27.1M a year earlier. The company attributes the drop to the Panama license round not yet being announced, a pause in Mexico spending after the presidential election, and cautious E&P spending. Liquidity was $72.8M ($30.0M cash plus $42.8M undrawn availability on the amended $50.0M revolver). The release confirms the Feb 2018 equity offering netted $47.0M, the $28.5M third lien notes were retired and the $10.0M revolver balance repaid, leaving $120.6M of second lien notes due Dec 2021 as the main long-term debt. This resolves the open thread on repaying the 2018 notes. The filing is an earnings release; no asset was bought or sold.
21 Aug 2018debt financing▲ GoodMajor
On Aug 16, 2018 ION and PNC signed a Third Amendment to the PNC revolving credit facility. It pushes maturity from Aug 22, 2019 to Aug 16, 2023 (conditional on retiring or extending the 9.125% second lien notes due Dec 15, 2021), raises the maximum from $40.0M to $50.0M, lifts the multi-client data library borrowing limit from $15.0M to $28.5M, and adds the Mexican subsidiary as a borrower (up to $5.0M of receivables). Interest rate maximums stay at 3.00% (domestic) and 4.00% (LIBOR), with room to fall to 2.00% and 3.00% depending on leverage. This continues the PNC facility history (Aug 2014, First Amendment Aug 2015, Second Amendment Apr 2016) and gives ION more borrowing room and a later deadline, though the extension depends on dealing with the 2021 second lien notes.
20 Aug 2018substantial holder notice● Neutral
Rajay Bagaria disclosed a new substantial ION GEOPHYSICAL CORP shareholding (5.05% of votes).
2 Aug 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $24.7 million and a net loss of $25.9 million for the period ended 2018-06-30.
2 Aug 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $24.7 million and a net loss of $25.9 million for the period ended 2018-06-30.
16 May 2018agm 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).
3 May 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $33.5 million and a net loss of $18.4 million for the period ended 2018-03-31.
3 May 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $33.5 million and a net loss of $18.4 million for the period ended 2018-03-31.
22 Feb 2018substantial holder notice● Neutral
Empery Asset Management, LP, Ryan M. Lane, Martin D. Hoe disclosed a new substantial ION GEOPHYSICAL CORP shareholding (5.25% of votes).
20 Feb 2018securities registration● Neutral
ION GEOPHYSICAL CORP filed a prospectus supplement for an offering off its existing shelf.
16 Feb 2018material agreement● NeutralMajor
On Feb 16, 2018 ION priced an underwritten public offering of 1,820,000 shares plus warrants for 1,820,000 more shares, sold together at $27.50 per share and warrant, for expected gross proceeds of $50,050,000. The warrants are exercisable at $33.60 and expire March 21, 2019. Proceeds are meant to repay the Senior Secured Third-Priority Lien Notes due May 15, 2018 (an inference: these are the $28.5M of old notes left after the 2016 exchange), with the rest for general corporate purposes. This adds new shares and warrants for existing holders to absorb. The $27.50 price implies a reverse share split since the 2015 sub-$1 price (an inference, not stated in the filing).
15 Feb 2018securities registration● Neutral
ION GEOPHYSICAL CORP filed a prospectus supplement for an offering off its existing shelf.
15 Feb 2018securities registration● Neutral
ION GEOPHYSICAL CORP registered additional securities for an offering already underway.
12 Feb 2018substantial holder notice● Neutral
Invesco Ltd reported a ION GEOPHYSICAL CORP shareholding of 924,292 shares (7.80% of votes) in a periodic institutional filing.
8 Feb 2018quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported quarterly revenue of $57.9 million and a net loss of $1.4 million for the period ended 2017-12-31.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP EVP & CFO Steven Bate acquired 127,000 shares and disposed of 200,000 in a set of related equity transactions.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP VP & Corp Controller Scott Schwausch exercised stock options for 6,666 shares and disposed of 13,332 shares.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP EVP&COO, E&P TECHNO & SERVICES Ken Williamson acquired 126,000 shares and disposed of 200,000 in a set of related equity transactions.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Gen Coun & Corp Secy Matthew R Powers exercised stock options for 6,666 shares and disposed of 13,332 shares.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP President & CEO R Brian Hanson exercised stock options for 200,000 shares and disposed of 400,000 shares.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Ocean Bottom Services Colin Hulme acquired 124,429 shares and disposed of 200,000 in a set of related equity transactions.
19 Dec 2017director interest notice● Neutral
ION GEOPHYSICAL CORP EVP & COO, E&P OPER OPTIMIZAT Christopher Theron Usher acquired 114,850 shares and disposed of 200,000 in a set of related equity transactions.