SAExploration Announces Asset Purchase News, Stock Soars 30%

SAExploration Holdings asset purchase news

SAExploration Holdings has had a great day on the market today, and it’s far from over. As one of the Yahoo Finance trending tickers, the SAEX stock is currently up nearly 30%—but why? Well, it mostly has to do with the recently announced SAExploration Holdings asset purchase news.

SAExploration Holdings Asset Purchase News: July 20th, 2018

It’s a pretty significant announcement, which is why it’s not surprising to see the stock so far into the green zone.

On Friday, the Houston, Texas-based company disclosed that the United States Bankruptcy Court of the Southern District of Texas, Houston Division, has approved its Asset Purchase Agreement between SAExploration, Inc (its subsidiary) and Geokinetics, Inc.

Speaking on the matter, Jeff Hastings, CEO of SAEX, said that the company is “pleased to have received the Court’s approval of the sale.” Hastings then added that SAEX is looking forward “to creating relationships with new customers,” as well as “further expanding relationships” with its existing customers.

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Details and Dates

Before we look at the SAExploration Holdings stock, let’s bear in mind some dates and numbers:

  • July 24th, 2018: the transaction is thought to close on this day.
  • $25 million: SAExploration will fund this amount in an aggregate principal amount of borrowings.

The SAExploration Stock: What You’ve Been Waiting For

Looking at Yahoo Finance, it’s difficult to ignore the SAEX stock.

According to Yahoo Finance, as of 2:26 p.m. EDT, SAExploration Holdings (NASDAQ:SAEX) was trading at $2.22, which puts the stock up $0.52, or 30.59%.

The Company

For those who don’t know, SAExploration Holdings is an oilfield services company. Presently, it offers services to the following countries: Canada, South America, Alaska, West Africa, and Southeast Asia.

SAExploration Holdings is no stranger to stock jumps. At the start of the month, the company hit a new 52-week high, trading at $3.51.

The Takeaway

What do you think about the SAExploration Holdings asset purchase news? Do you agree with CEO Hastings—is it huge news to get the Court’s approval?

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Featured Image: Depositphotos/© SergeyNivens