| Delaware (State or other jurisdiction of incorporation or organization) | | | 1389 (Primary Standard Industrial Classification Code Number) | | | 22-2286646 (I.R.S. Employer Identification Number) | |
| J. Eric Johnson Winston & Strawn LLP 800 Capitol Street, Suite 2400 Houston, TX 77002 Telephone: (713) 651-2647 | | | Matthew Powers Executive Vice President, General Counsel, and Corporate Secretary ION Geophysical Corporation 2105 CityWest Blvd., Suite 100 Houston, TX 77042 Telephone: (281) 933-3339 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☐ Emerging growth company ☐ | |
| ||||||||||||||||||||||||||||||||||
Title of Each Class of Security Being Registered | | | | Amount Being Registered | | | | Proposed Maximum Offering Price per Security(1) | | | | Proposed Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee | | | | | Amount Being Registered | | | | Proposed Maximum Offering Price per Security(1) | | | | Proposed Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee | |
Non-transferable Rights(1) | | | | N/A | | | | N/A | | | | N/A | | | | N/A(2) | | | | | N/A | | | | N/A | | | | N/A | | | | N/A(2) | |
8.00% Senior Secured Second Priority Convertible Notes due 2025 | | | | $52,500,000(3) | | | | 100% | | | | $52,500,000(3) | | | | $5,727,75 | | | | | $52,500,000(3) | | | | 100% | | | | $52,500,000(3) | | | | $5,727.75 | |
Common Stock, par value $0.01 per share | | | | (4) | | | | $2.57 | | | | (5) | | | | (5) | | | | | (4) | | | | $2.57 | | | | (5) | | | | (5) | |
Guarantees | | | | (6) | | | | (6) | | | | (6) | | | | (6) | | | | | (6) | | | | (6) | | | | (6) | | | | (6) | |
Total | | | | $52,500,000 | | | | N/A | | | | $52,500,000 | | | | $5,727.75 | | | | | $52,500,000 | | | | N/A | | | | $52,500,000 | | | | $5,727.75(7) | |
Exact Name of Additional Registrant as Specified in its Charter(1) | | | State or Other Jurisdiction of Incorporation or Organization | | | I.R.S. Employee Identification No. | |
GX Technology Corporation | | | Texas | | | 76-0450115 | |
ION Exploration Products (U.S.A.), Inc. | | | Delaware | | | 76-0491394 | |
I/O Marine Systems, Inc. | | | Louisiana | | | 72-0733230 | |
GX Geoscience Corporation, S. de R.L. de C.V. | | | Mexico | | | GGC150303UDA | |
| | | Page | | |||
| | | | iii | | | |
| | | | iv | | | |
| | | | v | | | |
| | | | vii | | | |
| | | | 1 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | | Beneficial Ownership Pre-Transaction | | | Beneficial Ownership Post-Transaction (Pre-Conversion of New Notes) | | | Beneficial Ownership Post-Transaction (Post-Conversion of New Notes) | | |||||||||||||||||||||||||||
Scenario | | | Shares(1) | | | Percentage | | | Shares(1) | | | Percentage | | | Shares(1) | | | Percentage | | ||||||||||||||||||
A | | | | | 14.982 | | | | | | 100% | | | | | | 14.982 | | | | | | 100% | | | | | | 55.771 | | | | | | 26.86% | | |
B | | | | | 14.982 | | | | | | 100% | | | | | | 22.131 | | | | | | 67.70% | | | | | | 62.935 | | | | | | 23.81% | | |
C | | | | | 14.982 | | | | | | 100% | | | | | | 35.410 | | | | | | 42.31% | | | | | | 68.478 | | | | | | 21.88% | | |
| By regular mail: | | | By registered, certified or express mail, by overnight courier or by personal delivery: | |
| Computershare Investor Services | | | Computershare Investor Services | |
| Attn: | | | Attn: | |
| | | Beneficial Ownership Pre-Transaction | | | Beneficial Ownership Post-Transaction (Pre-Conversion of New Notes) | | | Beneficial Ownership Post-Transaction (Post-Conversion of New Notes) | | |||||||||||||||||||||||||||
Scenario | | | Shares | | | Percentage | | | Shares | | | Percentage | | | Shares | | | Percentage | | ||||||||||||||||||
A | | | | | 14.982 | | | | | | 100% | | | | | | 14.982 | | | | | | 100% | | | | | | 55.771 | | | | | | 26.86% | | |
B | | | | | 14.982 | | | | | | 100% | | | | | | 22.131 | | | | | | 67.70% | | | | | | 62.935 | | | | | | 23.81% | | |
C | | | | | 14.982 | | | | | | 100% | | | | | | 35.410 | | | | | | 42.31% | | | | | | 68.478 | | | | | | 21.88% | | |
| By regular mail: | | | By registered, certified or express mail, by overnight courier or by personal delivery: | |
| Computershare Investor Services Attn: | | | Computershare Investor Services Attn: | |
| | As of September 30, 2020 | | | As of December 31, 2020 | | ||||||||||||||||||||||||||||||||
(in thousands) | | Actual (unaudited) | | As Adjusted(1) | | As Further Adjusted(2) | | | Actual | | As Adjusted(1) | | As Further Adjusted(2) | | ||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 51,056 | | | | $ | 53,875 | | | | $ | 53,875 | | | | | $ | 37,486 | | | | $ | 40,305 | | | | $ | 40,305 | | | ||||||
Long-term debt (including current maturities) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Revolving Credit Facility | | | | 22,500 | | | | | 22,500 | | | | | 22,500 | | | | | | 22,500 | | | | | 22,500 | | | | | 22,500 | | | ||||||
Old Notes | | | | 120,569 | | | | | 6,028 | | | | | 6,028 | | | | | | 120,569 | | | | | 6,028 | | | | | 6,028 | | | ||||||
New Notes | | | | — | | | | | 122,368 | | | | | — | | | | | | — | | | | | 122,368 | | | | | — | | | ||||||
Other debt | | | | 1,027 | | | | | 1,027 | | | | | 1,027 | | | | | | 1,639 | | | | | 1,639 | | | | | 1,639 | | | ||||||
Total debt | | | | 144,096 | | | | | 151,923 | | | | | 29,555 | | | | | | 144,708 | | | | | 152,535 | | | | | 30,167 | | | ||||||
Stockholders’ equity | | | | (59,524) | | | | | (59,524) | | | | | 62,844 | | | | | | (71,090) | | | | | (71,090) | | | | | 51,278 | | | ||||||
Total capitalization | | | $ | 84,572 | | | | $ | 92,399 | | | | $ | 92,399 | | | | | $ | 73,618 | | | | $ | 81,445 | | | | $ | 81,445 | | |
Effective Date | | | $2.57 | | | $3.00 | | | $3.50 | | | $5.00 | | | $7.50 | | | $10.00 | | | $20.00 | | | $30.00 | | ||||||||||||||||||||||||
Issue Date | | | | | 55.7743 | | | | | | 39.4400 | | | | | | 32.9743 | | | | | | 22.2040 | | | | | | 13.8307 | | | | | | 9.6450 | | | | | | 3.3645 | | | | | | 1.2740 | | |
One Year Anniversary of Issue Date | | | | | 55.7743 | | | | | | 18.7033 | | | | | | 14.7971 | | | | | | 9.9820 | | | | | | 6.2373 | | | | | | 4.3650 | | | | | | 1.5575 | | | | | | 0.6213 | | |
1 1∕2 Year Anniversary of Issue Date | | | | | 55.7743 | | | | | | 7.8122 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Date | | | Percentage | | |||
2020 | | | | | 103.50% | | |
2021 | | | | | 100.00% | | |
| By regular mail: | | | By registered, certified or express mail, by overnight courier or by personal delivery: | |
| Computershare Investor Services | | | Computershare Investor Services | |
| Attn: | | | Attn: | |
| | Amount | | | Amount | | ||||||||
SEC registration fee | | | $ | 5,727.75 | | | | | $ | 5,727.75 | | | ||
Blue Sky fees | | | $ | * | | | | | $ | 6,000 | | | ||
Printing and engraving expenses | | | $ | * | | | | | $ | 20,000 | | | ||
Fees and expenses of legal counsel | | | $ | * | | | | | $ | 1,000,000 | | | ||
Accounting fees and expenses | | | $ | * | | | | | $ | 10,000 | | | ||
Subscription Agent and registrar fees | | | $ | * | | | ||||||||
Subscription Agent, Information Agent and registrar fees | | | $ | 30,000 | | | ||||||||
Trustee fees and expenses | | | $ | * | | | | | $ | 10,000 | | | ||
Miscellaneous | | | $ | * | | | | | $ | 5,000 | | | ||
Total | | | $ | * | | | | | $ | 1,086,727.75 | | |
| Signature | | | Title | | | Date | |
| * Christopher T. Usher | | | President, Chief Executive Officer, and Director (Principal Executive Officer) | | | February 12, 2021 | |
| /s/ Michael Morrison | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | February 12, 2021 | |
| * James | | | Chairman of the Board of Directors | | | February 12, 2021 | |
| * David H. Barr | | | Director | | | February 12, 2021 | |
| * Mike McGovern | | | Director | | | February 12, 2021 | |
| * Tina Wininger | | | Director | | | February 12, 2021 | |
| * S. James Nelson, Jr. | | | Director | | | | |
| John Seitz | | | Director | | | | |
| | | | Director | | | | |
| *By: /s/ Michael Morrison Michael Morrison Attorney-in-fact | | | |