Dawson Geophysical Co. (DWSN) announced Friday that it has entered into an asset purchase agreement with Wilks Brothers, LLC and Breckenridge Geophysical, LLC, pursuant to which the Company purchased substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library.
The transaction is effective immediately and Dawson extended offers of employment to relevant employees of Breckenridge to continue supporting the acquired assets and business. The parties plan to begin integration of the acquired assets and business into Dawson's operations as soon as possible.
Total consideration for the transaction is 7.00 million shares of Dawson common stock. 1.19 million shares were issued at the time of closing, and the remaining 5.81 million shares are in the form of a convertible note, which will only convert following shareholder approval at a meeting Dawson plans to convene as soon as practicable.
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