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IO - ION Geophysical gets NYSE notice of delisting proceedings
Ion Geophysical Corporation
ION Geophysical (NYSE:IO) said Wednesday it received a notice from NYSE, saying it will begin proceedings to delist IO's stock from the exchange. The decision was reached because IO had fallen below NYSE's continued listing standard of maintaining a minimum average market cap over a 30 trading day period of at least $15M. Trading in IO stock was suspended after market close on Wednesday. IO expects its stock will be quoted on the OTC Expert Market. Last month, IO had filed for chapter 11 bankruptcy.