HOUSTON, Feb. 18, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (ION or the “Company”) today announced the successful completion of its previously announced registered direct offering of 2,990,001 shares of its common stock at a purchase price of $3.50 per share. The Company intends to use the gross proceeds of approximately $10.5 million, excluding transaction expenses, for working capital and general corporate purposes.

Chris Usher, ION’s President and Chief Executive Officer, said, “I am very pleased with the transaction as it strengthens our balance sheet and provides additional flexibility to manage the business through the tail end of the pandemic. We continue to proceed with the upcoming bond restructuring transactions and associated rights offering, pending shareholder approval, in early April.”

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com.