29 July 2022director interest notice● Neutral
ION GEOPHYSICAL CORP VP, Finance & Corp Controller Scott Schwausch had 3,954 shares withheld for taxes on vesting stock.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, E&P Technology & Services Dale J Lambert had 11,625 shares withheld for taxes on vesting stock.
12 July 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Operations Optimization Sheila M Rodermund disposed of 11,653 shares via option/appreciation-right settlement.
3 June 2022listing compliance notice● NeutralMajor
ION GEOPHYSICAL CORP's exchange filed to remove a class of its securities from listing.
19 May 2022debt financing▼ BadMajor
On May 18, 2022 NYSE Regulation moved to delist ION's common stock because its average market value over 30 trading days fell below the $15M minimum, and trading on the NYSE was suspended after the close that day. The stock may trade on the OTC Expert Market as IOGPQ. ION has a right to ask an NYSE board committee to review, and NYSE will apply to the SEC to delist after the procedures, including any appeal. This follows the Chapter 11 filing; the filing is labelled Item 2.04 but the content is a listing notice.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Operations Optimization Sheila M Rodermund had 6,631 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP President & CEO Christopher Theron Usher had 13,377 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Innov & Strat Mktg Ken Williamson had 6,631 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, Gen Counsel & Corp Secy Matthew R Powers had 4,992 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP, E&P Technology & Services Dale J Lambert had 5,811 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP & CFO Michael L Morrison had 6,548 shares withheld for taxes on vesting stock.
13 May 2022director interest notice● Neutral
ION GEOPHYSICAL CORP VP, Finance & Corp Controller Scott Schwausch had 1,977 shares withheld for taxes on vesting stock.
12 May 2022listing compliance notice▼ Bad
ION GEOPHYSICAL CORP withdrew a registration statement, abandoning the offering it covered.
5 May 2022substantial holder notice● Neutral
GATES CAPITAL MANAGEMENT, L.P, GATES CAPITAL MANAGEMENT GP, LLC, GATES CAPITAL MANAGEMENT, INC, JEFFREY L. GATES reported no remaining ION GEOPHYSICAL CORP shareholding in its periodic institutional filing.
22 Apr 2022listing compliance notice▼ Bad
On Apr 18, 2022 the NYSE told ION it is monitoring the late 2021 annual report (10-K) for up to six months from its due date, and may start delisting at any time. The stock stays listed for now with an "LF" (late filing) indicator. This adds to the earlier NYSE notices on market value and share price, and comes days after the Chapter 11 filing.
13 Apr 2022bankruptcy or receivership▼ BadMajor
ION and three subsidiaries filed voluntary Chapter 11 cases in the Southern District of Texas on Apr 12, 2022, after signing a Restructuring Support Agreement with credit facility lenders (about 100% of the loans) and holders of about 80% of the 2025 notes. This ends the forbearance talks. The plan contemplates either a debt-for-equity exchange paired with possible asset sales, or a sale of substantially all assets, funded by a $2.5M super-priority debtor-in-possession loan from some of the supporting creditors. The filing accelerated $15.6M under the credit agreement and $116.2M of 2025 notes (enforcement is stayed). The company warns shareholders could see a significant or complete loss, but the filing does not set out a specific treatment for common stock.
8 Apr 2022director interest notice● Neutral
Steven Bate became a ION GEOPHYSICAL CORP Chief Administration Officer and company insider (initial ownership filing).
5 Apr 2022debt financing▼ BadMajor
On Apr 4, 2022 the credit facility lenders and holders of over 79% of the 2025 notes again extended forbearance on the unpaid Dec 15, 2021 interest, this time only to Apr 10, 2022. The Dec 2021 interest remains unpaid, and ION says it is still discussing a sale, business combination or asset sales, possibly in or out of court. The short extension is an inference-level sign that the talks have not been settled.
1 Apr 2022late filing notice▼ Bad
ION GEOPHYSICAL CORP notified the SEC that its annual report would be filed late.
9 Mar 2022debt financing▼ BadMajor
ION extended forbearance on Feb 15, 2022 to Mar 8, then PNC sold its entire credit facility position to certain holders of the 2025 notes (assignment dated Mar 7, 2022), with Ankura Trust Company replacing PNC as agent. ION released and indemnified PNC. The new lenders, and holders of over 79% of the 2025 notes, extended forbearance on the missed Dec 15, 2021 interest to Apr 4, 2022. The senior credit facility is now held by some of the same holders as the second-priority notes, though the filing does not say what this means for the restructuring outcome.
8 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP EVP & CFO Michael L Morrison had 4,560 shares withheld for taxes on vesting stock.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director Gary L Pittman received 2,500 shares as part of the equity award.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director S James Nelson received 2,500 shares as part of the equity award.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director Michael Y Mcgovern received 2,500 shares as part of the equity award.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director John N Seitz received 2,500 shares as part of the equity award.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director Shaohua Zhang acquired 2,500 shares and disposed of 750 in a set of related equity transactions.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director Mark J Doran received 2,500 shares as part of the equity award.
3 Mar 2022director interest notice● Neutral
ION GEOPHYSICAL CORP director James M Lapeyre Jr. received 2,500 shares as part of the equity award.
14 Feb 2022substantial holder notice● Neutral
Footprints Asset Management & Research, Inc disclosed a new substantial ION GEOPHYSICAL CORP shareholding (3.69% of votes).
10 Feb 2022substantial holder notice● Neutral
Renaissance Technologies LLC, RENAISSANCE TECHNOLOGIES HOLDINGS CORPORATION reported no remaining ION GEOPHYSICAL CORP shareholding in its periodic institutional filing.