Business
Dawson Geophysical Adopts Shareholder Rights Plan
MIDLAND, Texas, April 8, 2021 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") announced today that its Board of Directors has
About this update from Dawson Geophysical Company
[{"type":"text","content":"MIDLAND, Texas, April 8, 2021 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the \"Company\") announced today that its Board of Directors has adopted a Rights Plan designed to protect Company shareholders from coercive or unfair takeover techniques and to help ensure that the Company's shareholders are not deprived of the opportunity to realize the full and fair value of their investment, particularly given current market conditions. The Rights Plan is not designed to prevent any action that the Board of Directors determines to be in the best interest of the Company and its shareholders.\nThe Rights Plan, dated as of April 8, 2021, has a limited duration and will expire on April 7, 2022, but the Board of Directors may consider early termination. Terms of the Rights Plan provide for a dividend distribution of one right for each outstanding share of common stock to holders of record at the close of business on April 19, 2021. The Rights Plan would be triggered if an acquiring party accumulates 10% (or 15% in the case of eligible passive investors) or more of the Company's common stock and would entitle holders of the rights (other than the person or persons that trigger the Rights Plan) to purchase the Company's stock at a 50% discount or the Company may exchange each right for one share of common stock or equivalent. The rights will expire on April 7, 2022. \nSpecific details of the new Rights Plan will be described in a current report to be filed by the Company on Form 8-K with the Securities and Exchange Commission. \nAbout Dawson Geophysical Company\nDawson Geophysical Company is the leading provider of North American onshore seismic data acquisition services with operations throughout the continental U.S. and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. \nForward-Looking Statements\nIn accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company's actual results of operations. These r...