ION Geophysical receives NYSE listing notice

Texas-based ION Geophysical has received a written notice from the New York Stock Exchange (NYSE) that the company is not in compliance with the continued listing standards.

According to the standards set forth in Section 802.01B of the NYSE Listed Company Manual, ION is considered below the criteria because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period.

At the same time, the seismic company’s last reported stockholders’ equity was below $50 million.

ION said that it intends to submit a plan that demonstrates the ability to bring the company into conformity with the continued listing standards within six months.

During this period, the company’s shares will continue to be listed and traded on the NYSE, subject to its continued compliance with the plan and other NYSE continued listing standards.

“We have already begun preparation on our plan to restore compliance with the NYSE as our business continues to improve from industry lows and we review our strategic alternatives as announced on September 15, 2021”, said Chris Usher, ION’s president and CEO. “During this time, we will cooperatively work with the NYSE to return to compliance”.

Back in September, the company’s Board of Directors initiated a process to evaluate a range of strategic alternatives to strengthen its financial position and maximize stakeholder value.

These strategic alternatives included, among others, a sale or other business combination transaction, sales of assets, private or public equity transactions, debt financing, or some combination of these.

At the time, ION stated that the company did not set a timetable for the conclusion of its consideration of strategic alternatives, and it does not intend to comment further unless and until the Board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required.

In other company-related news, ION conducted the third phase of the Mid North Sea High 3D seismic data acquisition multi-client program. The survey covered approximately 700 km2 and data collection was scheduled to take place from mid-September until late October.