ION Geophysical Corporation (IO) announced that its Board of Directors (the “Board”) has initiated a process to evaluate a range of strategic alternatives to strengthen its financial position and maximize stakeholder value as the company continues to assess conditions in the capital markets and right-size the business. These strategic alternatives include, among others, a sale or other business combination transaction, sales of assets, private or public equity transactions, debt financing, or some combination of these.
ION has engaged Tudor Pickering, Holt & Co. to assist with the evaluation process.
There can be no assurance that such evaluation will result in one or more transactions or other strategic change or outcome. The company has 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.