ION receives shareholder approval for bond restructuring transactions
February 23 2021 - 5:01PM
ION Geophysical Corporation (NYSE: IO) today announced that, during
a special meeting held earlier today, the Company’s shareholders
voted to approve all three proposals submitted in its January 22nd
Proxy. 98% of votes cast were in favor of the bond restructuring
transactions, 96% were in favor of the associated increase to our
available shares of common stock, and 79% were in favor of
replenishing the Company’s long-term incentive plan. The Company
remains on track to execute the bond restructuring transactions and
associated rights offering in early April.
“On behalf of ION, I would like to thank our
shareholders for their important support of our proposals, enabling
us to take a critical step closer to completing the bond
restructuring transactions,” commented Chris Usher, ION’s President
and Chief Executive Officer. “This is a key milestone in our
timeline to complete these transactions and reestablish a healthy
platform for post-pandemic recovery and continued strategy
execution.”
About ION
Leveraging innovative technologies, ION delivers
powerful data-driven decision-making to offshore energy, ports and
defense industries, enabling clients to optimize operations and
deliver superior returns. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial
OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com
ION (Media relations)
Vice President, CommunicationsRachel White, +1
281.781.1168rachel.white@iongeo.com
Registration statements relating to the
securities to be offered in the exchange offer and the rights
offering in connection with the restructuring transactions have
been filed with the Securities and Exchange Commission, but have
not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statements become effective. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities, nor shall there be any offer, solicitation or sale
of the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful under the securities laws of
such state or jurisdiction. The exchange offer and the rights
offering will be made only by means of a prospectus. Copies of each
such prospectus, when they become available, will be distributed,
as applicable, to our bondholders and shareholders and may also be
obtained free of charge at the website maintained by the SEC at or
by contacting the appropriate agent for the offerings. Contact
information for such agents will be provided when available.
The information herein contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements may include
information and other statements that are not of historical fact.
Actual results may vary materially from those described in these
forward-looking statements. All forward-looking statements reflect
numerous assumptions and involve a number of risks and
uncertainties. These risks and uncertainties include the risks
associated with the timing and development of ION Geophysical
Corporation's products and services; pricing pressure; decreased
demand; changes in oil prices; agreements made or adhered to by
members of OPEC and other oil producing countries to maintain
production levels; the COVID-19 pandemic; our ability to complete
the Restructuring Transactions and other related matters in a
timely manner, if at all; and political, execution, regulatory, and
currency risks. For additional information regarding these various
risks and uncertainties, see our Form 10-K for the year ended
December 31, 2020, filed on February 12, 2021, and our Forms S-1
and S-4, filed on January 29, 2021, and amended on February 12,
2021. Additional risk factors, which could affect actual results,
are disclosed by the Company in its filings with the Securities and
Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs
and Form 8-Ks filed during the year. The Company expressly
disclaims any obligation to revise or update any forward-looking
statements.
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