 HOUSTON, March 23, 2021 GLOBE NEWSWIRE -- ION Geophysical Corporation NYSE: IO the Company today announced that it has commenced its previously announced Rights Offering. The Company is distributing, at no charge, to its holders of common stock, par value 0.01 per share the Common Stock as of 5:00 p.m. New York City time on March 22, 2021 the Record Date, non-transferable subscription rights the Rights to purchase i 2.78 principal amount of the 8.00 Senior Secured Second Priority Convertible Notes due 2025 the Notes per Right, at a purchase price of 100 of the principal amount thereof or ii 1.08 shares of Common Stock per Right, at a purchase price of 2.57 per whole share of Common Stock; provided that any Notes will only be issued in minimum increments of 1,000 and will be rounded down to the nearest whole increment of 1,000 and any shares of Common Stock will only be issued in whole numbers of shares with any fractional shares of Common Stock rounded down to the nearest whole share. Each holder of Common Stock will receive one Right for each share of Common Stock owned as of the Record Date. The maximum amount of net proceeds that the Company may receive from the Rights Offering is 50 million, before deducting certain fees and expenses of the offering. The Rights Offering is intended to generate proceeds to make certain payments to holders of its 9.125 Senior Secured Second Priority Notes due 2021 the Existing Second Lien Notes in the Companys previously announced Exchange Offer and for general corporate purposes. The Rights Offering will terminate, as to unexercised rights, at 5:00 p.m. New York City time on April 8, 2021, unless the Company elects to extend the Rights Offering. Holders who subscribe for all of their basic subscription rights can also elect to subscribe for additional shares pursuant to an over-subscription privilege. 