RTTNews | Apr 7, 2021 11:24AM EDT

11:24 Wednesday, April 7, 2021 (RTTNews.com) - ION Geophysical Corp. (IO) shares are trading up more than 20 percent on Wednesday morning.

Tuesday, the company announced the completion of the last significant closing condition of the Exchange Offer, a waiver of the requirement that 95% of bondholders participate in the Exchange Offer by the supporting noteholders and PNC Bank, National Association. ION Geophysical, also said it expects to report preliminary first-quarter revenue of around $14 million, which is impacted by lower multi-client data sales. In the prior year, the company had reported net revenues of $56.4 million.

Currently, the shares are at $2.55, up 20 percent from the previous close of $2.12 on a volume of 20,137,886. The shares have traded in a range of $1.20-$5.35 on average volume of 1,168,822.

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