Dawson Geophysical Co. (NASDAQ: DWSN) and TGC Industries Inc. (NASDAQ: TGE) said Feb. 9 that their proposed merger was approved by their respective special meetings of shareholders held that day.
Under the merger plan from Oct. 8, 2014, Dawson will become a direct wholly owned subsidiary of TGC after Riptide Acquisition Corp., a wholly owned subsidiary of TGC, merges into Dawson.
Prior to the merger, Dawson will change its name to Dawson Operating Co. and TGC will change its name to Dawson Geophysical Co., the companies said.
A 1-for-3 reverse split of common stock will occur.
On Feb. 9, Dawson and TGC filed to make the name changes, the stock split and the merger effective with the Texas Secretary of State. These should become effective after market hours on Feb. 11, the companies noted.
On Feb. 12, the combined company, Dawson Geophysical Co., will trade on NASDAQ under the “DWSN” ticker.
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