7 June 2013capital raising announcement● Neutral
A final $100,000 loan from the Rosenfeld affiliate three weeks before the merger closed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2013material agreement● Neutral
The merger agreement was amended to change how consideration would be split among SAExploration's option and restricted-stock holders, putting those shares in escrow with the controlling shareholder voting them.
11 Mar 2013capital raising announcement● Neutral
Another $100,000 working-capital loan from a Rosenfeld affiliate while the SAExploration deal was being documented.
11 Dec 2012material agreement▲ GoodMajor
Trio found its target: SAExploration Holdings, a seismic data acquisition business working on land, in transition zones and shallow water across North America, South America and southeast Asia. Trio would take the SAExploration name; the private company's majority holder CLCH would come across as a controlling shareholder.
26 Nov 2012capital raising announcement● Neutral
Rosenfeld lent a further $100,000 on the same terms - the search for a target was taking longer than the cash allowed for.
28 Sept 2012capital raising announcement● Neutral
With the trust money untouchable until a deal closed, chairman Eric Rosenfeld funded day-to-day costs himself, lending $200,000 across April and September on interest-free notes convertible into warrants at $0.50.
29 Mar 2012listing compliance notice▲ Good
The shares moved up from the over-the-counter market to NASDAQ under the ticker TRIO, though the warrants stayed behind.
28 Mar 2012listing compliance notice▲ GoodMajor
Nasdaq certified SAExploration Holdings, Inc.'s securities for listing, clearing them to begin trading.
30 June 2011business combination▲ GoodMajor
Trio raised $60 million selling 6 million units at $10, each unit a share plus a warrant at $7.50, alongside $3.55 million of warrants bought privately by the founders and the underwriter. The clock now started on finding an acquisition.
24 June 2011material agreement● Neutral
The company begins as Trio Merger Corp, a blank-cheque vehicle: its listing prospectus went effective and the offering was immediately increased by a fifth. Nothing was owned yet - the plan was to raise cash and find a business to buy.