ION Geophysical Corporation (IO) stock has seen an increase of 19.33% in premarket because ION initiates a review of strategic alternatives. However, the last trading session closed at $1.5 with a decline of 5.06%.
Review of strategic alternatives by IO stock
On 15th September 2021, IO stock announced the initiation of a review of strategic alternatives. The firm continues to examine capital market circumstances and right-size the business. It has started a process to consider a variety of strategic alternatives in order to enhance its financial position. A sale or other business combination deal, asset sales, private or public equity transactions are among the strategic possibilities.
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Tudor Pickering, Holt & Co. will help with the review. There is no guarantee that such an assessment will lead to one or more transactions or other strategic changes. The business has not established a deadline for the conclusion. And it has no plans to speak more unless and until the Board of Directors has authorized a particular course of action.
The third phase of the Mid North Sea High 3D multi-client program
ION Geophysical Corporation (IO) stock announced on 9th September 2021 that the Company’s Mid North Sea High 3D new purchase multi-client program has entered its third phase. The Mid-North Sea High program includes one of the few remaining unexplored areas off the coast. Here comparatively cheap development costs near to shore make future investment appealing.
The survey location covers a gap in current subsurface coverage. Data gathering for the 700-square-kilometer industry-sponsored study is anticipated to take place between mid-September and late October.
Second Quarter 2021 financial results
IO stock stated second-quarter results 2021 on 12th August 2021. In the second quarter of 2021, the company recorded revenues of $19.7 million, up 40% from $14.0 million in the first quarter.
Firstly, in the second quarter of 2021, ION’s net loss was $23.6 million. Secondly, The Company reported an Adjusted net loss attributable to ION of $11.1 million. Thirdly, in the second quarter of 2021, the Company recorded an Adjusted EBITDA of $0.1 million.