IONGeophysical gets NYSE list warning

Ocean seismic data provider ION Geophysical has received a notice from the New York Stock Exchange notifying that the company is not in compliance with ongoing listing standards.

ION is considered below the standards established by NYSE for continued listing. This is because its average market capitalization was less than $ 50 million over 30 consecutive trading days, while the last reported shareholders’ equity was less than $ 50 million.

The company said it plans to submit plans to demonstrate its ability to adapt the company to ongoing listing standards within six months. For six months, the company’s shares will continue to be listed and traded on the NYSE subject to continued compliance with the plan and other NYSE continuous listing standards.

“Our business continues to improve from the lowest levels in the industry and is considering strategic alternatives announced on September 15, 2021, so we are already preparing plans to restore NYSE compliance. I am doing it. ” Chris Asher, ION President, Chief Executive Officer. “During this time, we will work with NYSE to return to compliance.”

ION Geophysical said in September that it began the process of assessing various strategic alternatives to strengthen its financial position and maximize the value of its stakeholders.

ION, which provides seismic data to offshore oil and gas companies, offers these strategic alternatives, among other things, sales or other business combination transactions, asset sales, private or public equity transactions, debt lending, or a combination thereof. Said to be included.