ION Geophysical Corporation (IO) announced that written notice was received from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual. ION 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 intends to submit a plan that demonstrates its ability to bring the Company into conformity with the continued listing standards within six months. During the six-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.
“We have already begun preparation on our plan to restore compliance with the NYSE as our business continues to improve from industry lows and we review our strategic alternatives as announced on September 15, 2021,” said Chris Usher, ION's President and Chief Executive Officer. “During this time, we will cooperatively work with the NYSE to return to compliance.”
