HOUSTON , Feb. 23, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that, during a special meeting held earlier today, the Company’s shareholders voted to approve all three proposals submitted in its January 22^nd Proxy. 98% of votes cast were in favor of the bond restructuring transactions, 96% were in favor of the associated increase to our available shares of common stock, and 79% were in favor of replenishing the Company’s long-term incentive plan. The Company remains on track to execute the bond restructuring transactions and associated rights offering in early April.

“On behalf of ION, I would like to thank our shareholders for their important support of our proposals, enabling us to take a critical step closer to completing the bond restructuring transactions,” commented Chris Usher, ION’s President and Chief Executive Officer. “This is a key milestone in our timeline to complete these transactions and reestablish a healthy platform for post-pandemic recovery and continued strategy execution.”

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.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available.