ION Geophysical Corporation filed an asset purchase agreement in the US Bankruptcy Court for the sale of its certain assets on July 22, 2022. As per the agreement dated June 23, 2022, seeks the Court's approval for the sale of its certain assets to Sercel, Inc., an Oklahoma corporation and Sercel Holding SAS, a company duly incorporated and existing under the laws of France, for a consideration of $20 million in cash plus assumed liabilities. The debtor's assets include the Software Assets.

Buyer deposited with U.S. Bank National Association, in its capacity as escrow agent, the sum of $2 million by wire transfer. The seller is represented by Dan McGuire and J. Eric Johnson of Winston & Strawn LLP as its legal advisors and the buyer is represented by Pierre-Emmanuel Perais and Penelope Jensen of Linklaters LLP as its legal advisors.