ION revises settlement date of its Exchange Offer and Rights Offering

Rhea-AI Summary

ION Geophysical Corporation (NYSE: IO) announced a revision to the settlement date of its Exchange Offer and Rights Offering, now expected on April 19, 2021. The extension allows for completion of necessary validations and processing due to the complex nature of the transactions. These offerings are made under SEC registration statements on Form S-1 and Form S-4. ION emphasizes that this announcement is for informational purposes only and does not constitute an offer to buy or sell securities.

Positive

• The extension allows for thorough validation and processing of transactions, potentially leading to more accurate and efficient outcomes.

Negative

• Delay in the settlement date may raise concerns about the complexity and execution of the Exchange Offer and Rights Offering.

HOUSTON, April 15, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced it is revising the previously announced settlement date of its Exchange Offer and Rights Offering. The extension is to enable all of the required information, exchange and clearing agents to finish validating, tabulating and processing the subscriptions given the complexity of the transactions. The Company now expects to settle on or about Monday, April 19, 2021.

The Rights Offering and Exchange Offer are being made pursuant to registration statements on Form S-1 and Form S-4, respectively, on file with the Securities and Exchange Commission (the “SEC”). Holders of ION Common Stock and Old Notes may obtain a copy of each prospectus free of charge on the SEC website at www.sec.gov or by contacting D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com.

This press release is for informational purposes only and is not an offer to purchase or to sell or a solicitation of an offer to purchase or sell any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

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 Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 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.

FAQ

What is the new settlement date for ION's Exchange Offer and Rights Offering?

The new settlement date is expected to be on or about April 19, 2021.

Why was the settlement date for ION's offerings revised?

The date was revised to allow completion of necessary validations, tabulations, and processing of subscriptions.

What SEC forms are associated with ION's offerings?

ION's offerings are made pursuant to registration statements on Form S-1 and Form S-4.

Is ION's press release an offer to purchase or sell securities?

No, the press release is for informational purposes only and does not constitute an offer to buy or sell securities.