ION Geophysical (IO) Announces $10.5 Million Registered Direct Offering of Common Stock
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ION Geophysical Corporation (NYSE: IO) (ION or the “Company”) today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 2,990,001 shares of its common stock at a purchase price of $3.50 per share in a registered direct offering. The closing of the offering is expected to occur on or about February 18, 2021, subject to the satisfaction of customary closing conditions.
Chris Usher, ION’s President and Chief Executive Officer, said, “The proceeds will provide additional liquidity and flexibility to manage the business through the tail end of the pandemic. We still plan to execute the upcoming bond restructuring transactions and associated rights offering, pending shareholder approval, in early April.”
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333- 234606) previously filed with the U.S. Securities and Exchange Commission (the “SEC”).
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