HOUSTON, July 21, 2017 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced that written notice was
received from the New York Stock Exchange (the "NYSE") that it is
not in compliance with the continued listing standards set forth in
Section 802.01B of the NYSE Listed Company Manual. The Company is
considered below criteria established by the NYSE for continued
listing because its average market capitalization has been less
than $50 million over a consecutive
30 trading-day period, and at the same time its last reported
stockholders' equity was below $50
million. The Company plans to notify the NYSE within 10
business days of its intent to submit a plan that demonstrates its
ability to bring the Company into conformity with the continued
listing standards within 18 months of receipt of the notice. The
Company intends to submit the plan within 45 days. The NYSE will
have 45 days after receipt of the plan to review and determine
whether the Company has made a reasonable demonstration of its
ability to return to conformity with the relevant standards within
the 18-month period. The NYSE will either accept the plan, at which
time the Company would be subject to ongoing monitoring for
compliance with the plan, or the NYSE will not accept the plan and
the Company would be subject to suspension and delisting
procedures. During the 18-month 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. The Company can provide no assurances that it will be
able to satisfy any of the steps outlined above and maintain a
listing of its shares.
There is no immediate impact on the listing of the Company's
common stock, which will continue to trade on the NYSE, subject to
the Company's compliance with other listing standards. The Company
will continue to file periodic and other reports with the SEC under
applicable federal securities laws.
Brian Hanson, ION's Chief
Executive Officer and President stated, "We have already begun
preparation on our plan to restore compliance with the NYSE as our
business continues to improve and we will cooperatively work with
the NYSE to return to compliance."
About ION
ION is a leading provider of technology-driven solutions
to the global oil and gas industry. ION's offerings are designed to
help companies reduce risk and optimize assets throughout the
E&P lifecycle. For more information, visit iongeo.com.
Contact
Jamey Seely
Executive Vice President and General Counsel
+1.281.552.3011
jamey.seely@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 risks associated with the timing
and development of the Company's products and services, the
competitiveness of offers, pricing pressure, decreased demand, and
changes in oil prices; and political, execution, regulatory, and
currency risks. Additional risk factors, which could affect actual
results are disclosed by the Company in its fillings with the
Securities and Exchange Commission ("SEC"), including its Form
10-K, Form 10-Q 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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SOURCE ION Geophysical Corporation