ION Geophysical Corp. opened a 1-for-15 reverse stock split on common shares, and increased the number of authorized shares to 400 million, up from 200 million, the company said Feb. 4.
Certain amendments to the 2013 long-term incentive plan (2013 LTIP) increased the total number of shares that can be issued under the plan to about 1.24 million. The maximum number of shares that can be granted as full-value awards was increased to 412,060 (the LTIP amendments).
Authorization to implement the stock split, the authorized share increase and the LTIP amendments was approved by stockholders at a Feb. 1 special meeting, ION said.
The authorized share increase became effective on Feb. 2. The LTIP amendments became effective at the close of business on Feb. 4.
The stock split became effective after Feb. 4’s market close. The stock will begin trading on a split-adjusted basis on Feb. 5.
Upon completion, every 15 shares owned by a stockholder will be combined into one common share; the number of outstanding shares will be reduced to about 10.6 million, down from about 159.8 million; the number of authorized shares was reduced to 26.7 million, down from 400 million.
No fractional shares will be issued with the stock split. Computershare Investor Services is the transfer agent.
ION Geophysical Corp. is based in Houston.
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