| 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, ION Geophysical Corporation 2105 CityWest Blvd., Suite 100 Houston, TX Telephone: (281) 933-3339 | | | Gerald Spedale Gibson, Dunn & Crutcher LLP 811 Main Street, Suite 3000 Houston, TX 77002 Telephone: (346) 718-6888 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☐ Emerging growth company ☐ | |
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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 | |
Non-transferable Rights(1) | | | | 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 | |
Common Stock, par value $0.01 per share | | | | (4) | | | | $2.57 | | | | (5) | | | | (5) | |
Guarantees | | | | (6) | | | | (6) | | | | (6) | | | | (6) | |
Total | | | | $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 | |
| | | Per share of Common Stock | | | Total Shares(2) | | | Per Note | | | Total Notes(2) | | ||||||||||||
Subscription price(1) | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Proceeds to us | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |
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| | | 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% | | |
| | | 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 | | | | | 17.963 | | | | | | 100% | | | | | | 17.963 | | | | | | 100% | | | | | | 58.753 | | | | | | 30.57% | | |
B | | | | | 17.963 | | | | | | 100% | | | | | | 25.113 | | | | | | 71.53% | | | | | | 65.917 | | | | | | 27.25% | | |
C | | | | | 17.963 | | | | | | 100% | | | | | | 38.391 | | | | | | 46.79% | | | | | | 71.459 | | | | | | 25.14% | | |
| By regular mail: | | | By registered, certified or express mail, by overnight courier or by personal delivery: | |
| Computershare Investor Services | | | Computershare Investor Services | |
| Attn: Corporate Actions P.O. Box 41011 Providence, RI 02940-3011 | | | Attn: Corporate Actions 150 Royall Street, Suite V Canton, MA 02021 | |
| | Beneficial Ownership Pre-Transaction | | Beneficial Ownership Post-Transaction (Pre-Conversion of New Notes) | | Beneficial Ownership Post-Transaction (Post-Conversion of New Notes) | | | 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 | | | Shares(1) | | Percentage | | Shares(1) | | Percentage | | Shares(1) | | Percentage | | ||||||||||||||||||||||||||||||||||||||||||||||||
A | | | | 14.982 | | | | | 100% | | | | | 14.982 | | | | | 100% | | | | | 55.771 | | | | | 26.86% | | | | | | 17.963 | | | | | 100% | | | | | 17.963 | | | | | 100% | | | | | 58.753 | | | | | 30.57% | | | ||||||||||||
B | | | | 14.982 | | | | | 100% | | | | | 22.131 | | | | | 67.70% | | | | | 62.935 | | | | | 23.81% | | | | | | 17.963 | | | | | 100% | | | | | 25.113 | | | | | 71.53% | | | | | 65.917 | | | | | 27.25% | | | ||||||||||||
C | | | | 14.982 | | | | | 100% | | | | | 35.410 | | | | | 42.31% | | | | | 68.478 | | | | | 21.88% | | | | | | 17.963 | | | | | 100% | | | | | 38.391 | | | | | 46.79% | | | | | 71.459 | | | | | 25.14% | | |
| By regular mail: | | | By registered, certified or express mail or by overnight | |
| Computershare Investor Services Attn: Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 | | | Computershare Investor Services Attn: Corporate Actions 150 Royall Street, Suite V Canton, MA 02021 | |
| | As of December 31, 2020 | | | As of December 31, 2020 | | ||||||||||||||||||||||||||||||||||||||
(in thousands) | | Actual | | As Adjusted(1) | | As Further Adjusted(2) | | | Actual | | As Adjusted(1) | | As Further Adjusted(2) | | As Further Adjusted(3) | | ||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 37,486 | | | | $ | 40,305 | | | | $ | 40,305 | | | | | $ | 37,486 | | | | $ | 40,305 | | | | $ | 40,305 | | | | $ | 50,142 | | | |||||||
Long-term debt (including current maturities) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Revolving Credit Facility | | | | 22,500 | | | | | 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 | | | | | 6,028 | | | |||||||
New Notes | | | | — | | | | | 122,368 | | | | | — | | | | | | — | | | | | 122,368 | | | | | — | | | | | — | | | |||||||
Other debt | | | | 1,639 | | | | | 1,639 | | | | | 1,639 | | | | | | 1,639 | | | | | 1,639 | | | | | 1,639 | | | | | 1,639 | | | |||||||
Total debt | | | | 144,708 | | | | | 152,535 | | | | | 30,167 | | | | | | 144,708 | | | | | 152,535 | | | | | 30,167 | | | | | 30,167 | | | |||||||
Stockholders’ equity | | | | (71,090) | | | | | (71,090) | | | | | 51,278 | | | | | | (71,090) | | | | | (71,090) | | | | | 51,278 | | | | | 61,115 | | | |||||||
Total capitalization | | | $ | 73,618 | | | | $ | 81,445 | | | | $ | 81,445 | | | | | $ | 73,618 | | | | $ | 81,445 | | | | $ | 81,445 | | | | $ | 91,282 | | |
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: Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 | | | Attn: Corporate Actions 150 Royall Street, Suite V Canton, MA 02021 | |
| | | Amount | | |||
SEC registration fee | | | | $ | 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, Information Agent and registrar fees | | | | $ | 30,000 | | |
Trustee fees and expenses | | | | $ | 10,000 | | |
Miscellaneous | | | | $ | 5,000 | | |
Total | | | | $ | 1,086,727.75 | | |
Number | | | Description of Exhibits | |
3.1 | | | | |
3.2 | | | | |
4.1 | | | | |
4.2 | | | | |
4.3 | | | | |
4.4 | | | | |
5.1 | | | | |
10.1 | | | Third Amendment and Joinder to the Revolving Credit and Security Agreement, dated as of August 16, 2018, filed on August 21, 2018 as Exhibit 10.1 to the Company’s Current Report on Form 8-K and incorporated herein by reference. | |
10.2 | | | | |
21.1 | | | | |
23.1 | | | | |
23.2 | | | | |
24.1 | | | | |
25.1 | | | | |
99.1 | | | | |
99.2 | | | | |
99.3 | | | | |
99.4 | | | | |
99.5 | | | | |
99.6 | | | |
| Signature | | | Title | | | Date | |
| * Christopher T. Usher | | | President, Chief Executive Officer, and Director (Principal Executive Officer) | | | | |
| /s/ Michael Morrison Michael Morrison | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | |
| * James M. Lapeyre Jr. | | | Chairman of the Board of Directors | | | | |
| * David H. Barr | | | Director | | | | |
| * Mike McGovern | | | Director | | | | |
| * Tina Wininger | | | Director | | | | |
| * S. James Nelson, Jr. | | | Director | | | | |
| * John Seitz | | | Director | | | | |
| Zhang ShaoHua | | | Director | | | | |
| *By: /s/ Michael Morrison Michael Morrison Attorney-in-fact | | | |