Monday, November 29, 2021

What’s happening with ION Geophysical (IO) stock?

ION Geophysical Corporation (IO), announced the successful closing of its prior announcement which was inclusive to exchange 9.125% of IO’s, Senior Secured Second Priority Notes due 2021 for 8% Senior Secured Second Priority Notes which will be due 2025. In accordance to the company’s prospectus, other considerations such as cash and  IO’s common stock will also be part of the exchange.


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IO has also successfully completed its previous announcement, which includes rights offering to its common stockholders, with a par value of $0.01 per IO share, to acquire: (i)the New Notes per Right, for $2.78, consisting of a 100% principal amount (ii) 1.08 shares of Common Stock per Right, which will be acquired at $2.57 per Common Stock, in accordance to the Company’s Prospectus


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At last check in pre-market trading, shares of ION Geophysical Corporation (IO) plunged -1.01% to $1.97. IO’s stock closed the last session at $1.99, decreasing -6.13% or -$0.13. Shares of the company fluctuated between $1.91 and $2.12 throughout the day.

Now What

The exchange offer concluded an accumulated principal amount of $113,472,000 which accounts for almost 94.1%, of the $120,569,000 outstanding Old Notes, which were exchanged for $84,652,000 total principal amount of ION Geophysical Corporation’s New Notes. In addition, 6,116,369 shares of IO Common Stock, inclusive of 1,542,201 shares issued as the Early Participation Payment and 4,574,168 shares issued as stock consideration in lieu of New Notes were also exchanged. Furthermore $20,659,722 was paid in monetary value through cash, with $3,595,250 of accrued and unpaid interest that became due on the Old Notes, also part of the exchange.

IO has accepted the exchange of all old notes and has not validly withdrawn in the Exchange Offer as of the expiration time on April 12, 2021. Repurchase New Notes at par for up to 50% of the proceeds raised in excess of $35 million, will also be offered by the company, pursuant to the exchange offer.

Aggregate principal amount consisting of $116,193,000, of New Notes and 10,905,262 shares of Common Stock were issued and delivered through the clearing systems of the Depository Trust. ION will almost make $14 million in net proceeds from the transaction after subtracting noteholder obligations, and various other expenses on the Old Notes. After the transactions, a total of 28,811,207 shares of Common Stock will remain outstanding.

Conclusion

Completion of IO’s Exchange Offer and Rights Offering has provided monetary benefit to the company, with additional capital raised. However, no variation in IO stock price, furthermore a decline of 6.13% in the last trading session, depicted investor expectation was higher for the company, with IO not providing adequate benefits to shareholders in their exchange offer.

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