4 Oct 2018securities registration● Neutral
SAExploration Holdings, Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2018capital raising announcement▼ BadMajor
The company raised $60 million through 6% secured convertible notes due 2023, sold entirely to lenders and shareholders it already had. Fresh money from new investors was no longer available; the existing creditors were funding the Geokinetics integration and taking convertible paper for it.
14 Sept 2018substantial holder notice● Neutral
BlueMountain Capital Management, LLC, BlueMountain GP Holdings, LLC, Blue Mountain Credit Alternatives Master Fund L.P, Blue Mountain CA Master Fund GP, Ltd, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.à r.l reported a SAExploration Holdings, Inc. shareholding of 2,440,797 shares (6.50% of votes) in a periodic institutional filing.
12 Sept 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP, Whitebox Institutional Partners, LP reported a SAExploration Holdings, Inc. shareholding of 39,286,677 shares (54.83% of votes) in a periodic institutional filing.
11 Sept 2018capital raising announcement▼ Bad
Yet another class of warrants - Series E - was created and issued, continuing the pattern of paying for everything in instruments that convert into stock.
17 Aug 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 10,052,865 shares (36.04% of votes) in a periodic institutional filing.
9 Aug 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $16.9 million and a net loss of $17.9 million for the period ended 2018-06-30.
9 Aug 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $16.9 million and a net loss of $17.9 million for the period ended 2018-06-30.
2 Aug 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 10,052,865 shares (44.91% of votes) in a periodic institutional filing.
30 July 2018asset acquisition disposition▲ GoodMajor
The Geokinetics purchase closed, funded by a new $30 million working-capital facility, and holders of 77.3% of the Series A preferred consented to convert it all into common stock. The filing was typed as a meeting notice, but no meeting took place: the vote was a written consent by preferred holders, taken alongside the largest acquisition in the company's history.
11 July 2018material agreement termination▲ GoodMajor
The working-capital facility was enlarged to $30 million and immediately drawn in full, and the money was used to redeem the last of the 2014 senior secured notes, discharging that indenture. The debt structure created in 2014 was finally gone - replaced by a facility that was fully drawn from day one.
2 July 2018material agreement▲ GoodMajor
SAExploration agreed to buy substantially all the assets of Geokinetics, a larger seismic competitor that had filed for bankruptcy the day before, for $20 million as the stalking-horse bidder. Having spent two years restructuring its own balance sheet, it was now buying a rival out of Chapter 11.
16 May 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $37.1 million and a net loss of $1.2 million for the period ended 2018-03-31.
15 May 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $37.1 million and a net loss of $1.2 million for the period ended 2018-03-31.
29 Mar 2018listing compliance notice▼ BadMajor
NASDAQ found the company had less than $2.5 million of shareholders' equity at the end of 2017 and failed the alternative tests too. The company's answer was that the restructuring would fix it by the first-quarter accounts.
14 Mar 2018substantial holder notice● Neutral
BlueMountain Capital Management, LLC, BlueMountain GP Holdings, LLC, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.à r.l, BlueMountain Montenvers Master Fund SCA SICAV-SIF reported a SAExploration Holdings, Inc. shareholding of 2,409,106 shares (16.20% of votes) in a periodic institutional filing.
9 Mar 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 10,052,865 shares (44.96% of votes) in a periodic institutional filing.
8 Mar 2018director officer appointment▼ BadMajor
The Series B preferred issued in the January exchange converted automatically, and holders received 14,098,370 warrants exercisable at a hundredth of a cent - shares in all but name. Against 812,321 common shares issued weeks earlier, this is the scale of the dilution the restructuring actually imposed.
2 Mar 2018material agreement▲ Good
An early-maturity trigger was removed from the working-capital facility, leaving it running to January 2020 alongside the term loan.
12 Feb 2018substantial holder notice● Neutral
John P. Pecora disclosed a new substantial SAExploration Holdings, Inc. shareholding (7.37% of votes).
7 Feb 2018director interest notice● Neutral
Alan B. Menkes became a SAExploration Holdings, Inc. director and company insider (initial ownership filing).
6 Feb 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP reported a SAExploration Holdings, Inc. shareholding of 2,609,039 shares (25.49% of votes) in a periodic institutional filing.
2 Feb 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP reported a SAExploration Holdings, Inc. shareholding of 3,337,426 shares (9.99% of votes) in a periodic institutional filing.
2 Feb 2018director interest notice● Neutral
SAExploration Holdings, Inc. 10%+ owner Montenvers Gp S.A.R.L. Bluemountain bought 2,543,303 shares on the open market.
2 Feb 2018substantial holder notice● Neutral
BlueMountain Capital Management, LLC, BlueMountain GP Holdings, LLC, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.à r.l, BlueMountain Montenvers Master Fund SCA SICAV-SIF reported a SAExploration Holdings, Inc. shareholding of 2,409,106 shares (23.50% of votes) in a periodic institutional filing.
2 Feb 2018director interest notice● Neutral
SAExploration Holdings, Inc. 10%+ owner Bluemountain Capital Management, LLC bought 2,543,303 shares on the open market.
1 Feb 2018director interest notice● Neutral
SAExploration Holdings, Inc. Chairman and CEO Jeff Hastings acquired 75,027 shares and disposed of 90,844 in a set of related equity transactions.
1 Feb 2018director officer appointment▼ BadMajor
The debt-for-equity exchange completed: $78 million of second-lien notes, 91.8% of the total, were swapped for 812,321 common shares plus two classes of convertible preferred and warrants. For the second time in eighteen months the existing shareholders were pushed to the margin by their own lenders.
1 Feb 2018director interest notice● Neutral
SAExploration Holdings, Inc. VP - Finance Ryan Abney exercised stock options for 13,239 shares and disposed of 16,318 shares.
1 Feb 2018director interest notice● Neutral
SAExploration Holdings, Inc. Chief Operating Officer Brian A Beatty exercised stock options for 75,027 shares and disposed of 118,269 shares.