1 Apr 2014quarterly activities report● Neutral
SAExploration Holdings, Inc. reported a quarterly net income of $698 thousand for the period ended 2014-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2014financial restatement▼ BadMajor
A second restatement, this time of the second and third quarters of 2013, over share-based pay recorded by the predecessor business and some misclassifications. Three quarters of the company's first year as a public entity had now been withdrawn.
14 Feb 2014substantial holder notice● Neutral
GLG Market Neutral Fund, GLG Partners LP, GLG Partners Limited reported a SAExploration Holdings, Inc. shareholding of 351,283 shares (7.50% of votes) in a periodic institutional filing.
14 Feb 2014substantial holder notice● Neutral
Canton Holdings, L.L.C, Archer Capital Management, L.P, Joshua A. Lobel, Eric J. Edidin reported a SAExploration Holdings, Inc. shareholding of 500,000 shares (3.60% of votes) in a periodic institutional filing.
14 Feb 2014substantial holder notice● Neutral
Polar Securities Inc, North Pole Capital Master Fund reported no remaining SAExploration Holdings, Inc. shareholding in its periodic institutional filing.
12 Feb 2014substantial holder notice● Neutral
HighVista Strategies LLC, HighVista GP, LLC, HighVista GP Limited Partnership, HighVista I Limited Partnership, HighVista II Limited Partnership, HighVista III, Ltd, HighVista V Limited Partnership, XL Re Ltd, Brian H. Chu, André F. Perold reported a SAExploration Holdings, Inc. shareholding of 25,000 shares (0.18% of votes) in a periodic institutional filing.
12 Feb 2014substantial holder notice● Neutral
Investment Counselors of Maryland, LLC disclosed a new substantial SAExploration Holdings, Inc. shareholding (6.01% of votes).
13 Jan 2014capital raising announcement● Neutral
Rosenfeld and Sgro converted their $500,000 of working-capital loans into a million warrants at $12.00 - and said they would immediately swap them for shares at ten warrants to one in the company's warrant exchange. The blank-cheque founders were cashing out of the structure they had built.
7 Jan 2014securities registration● Neutral
SAExploration Holdings, Inc. filed the final prospectus for a registered offering.
6 Jan 2014business combination● Neutral
Amendment No. 2 to the warrant exchange registration was filed solely to add XBRL data files for the financial statements and an updated auditor consent. It omits the prospectus and changes nothing else, so there is nothing new for shareholders.
3 Jan 2014director interest notice● Neutral
SAExploration Holdings, Inc. Executive Chairman Jeff Hastings bought 58,000 shares on the open market.
3 Jan 2014director interest notice● Neutral
SAExploration Holdings, Inc. CEO and President Brian A Beatty bought 58,000 shares on the open market.
3 Jan 2014director interest notice● Neutral
SAExploration Holdings, Inc. 10%+ owner Clch, LLC bought 58,000 shares on the open market.
3 Jan 2014director interest notice● Neutral
SAExploration Holdings, Inc. CFO, Gen. Counsel, Secretary Brent Whiteley bought 58,000 shares on the open market.
3 Jan 2014director interest notice● Neutral
SAExploration Holdings, Inc. insider Sheri L Beatty bought 58,000 shares on the open market.
10 Dec 2013business combination● Neutral
Amendment No. 1 to the warrant exchange registration repeats the same terms: 1 share per 10 warrants, up to 1,500,000 shares, with warrant counts updated to 6 December 2013 (6,900,000 public, 7,100,000 private). The expiry date is still blank, now shown as 2014, and the offer is still subject to the registration becoming effective. The excerpt shows no new economic terms.
20 Nov 2013director interest notice● Neutral
SAExploration Holdings, Inc. director Eric Rosenfeld bought 347,357 shares on the open market.
15 Nov 2013quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported a quarterly net loss of $30.1 million for the period ended 2013-09-30.
14 Nov 2013quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported a quarterly net loss of $30.1 million for the period ended 2013-09-30.
1 Nov 2013business combination● Neutral
The company filed a registration statement for the warrant exchange offer promised at the merger: holders get 1 common share for every 10 warrants tendered, for up to 1,500,000 shares in total (690,000 for the 6,900,000 public warrants, 710,000 for the 7,100,000 private warrants, 100,000 for warrants from Rosenfeld and Sgro's $500,000 notes). Private warrant holders have agreed to exchange all of theirs, and Rosenfeld and Sgro have said they intend to convert their notes and exchange. The offer cannot proceed until the SEC declares the registration effective; the expiry date is blank.
1 Nov 2013debt financing● Neutral
The credit agreement inherited from the private company was amended for the third time, four months after the merger.
22 Oct 2013quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported a quarterly net loss of $30.1 million for the period ended 2013-09-30.
23 Sept 2013substantial holder notice● Neutral
THE K, SHAWN KIMEL, SHAWN KIMEL INVESTMENTS, INC reported a SAExploration Holdings, Inc. shareholding of 558,995 shares (7.10% of votes) in a periodic institutional filing.
29 Aug 2013quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported a quarterly net loss of $1.3 million for the period ended 2013-06-30.
28 Aug 2013financial restatement▼ BadMajor
Less than two months after the merger, the company said on 19 August 2013 that its first-quarter 2013 results should no longer be relied on, because of errors in accounting for Papua New Guinea liabilities. The adjustments were then believed to lower first-quarter operating expenses by up to $1.3M, and the June-quarter 10-Q could not be filed on time. This is the first of the restatements that recur through the company's history. The filing also says internal controls were under review and a material weakness might be found.
28 Aug 2013asset acquisition disposition● NeutralMajor
This amendment restates the merger-completion report of 24 June 2013 with corrected first-quarter 2013 figures, after errors in accounting for Papua New Guinea liabilities. It confirms the deal terms: SAExploration holders got 6,448,443 shares, $7.5M cash and a $17.5M note, with up to 992,108 more shares tied to 2013 and 2014 earnings targets, and $5M was paid for the preferred stock. Holders of 987,634 public shares took cash at about $10.08 (about $9.96M), leaving 13,402,664 shares outstanding. The trust held $61,680,970 before closing, and about $35.2M was released to the company.
28 Aug 2013quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported a quarterly net loss of $1.3 million for the period ended 2013-06-30.
27 Aug 2013listing compliance notice▼ Bad
The restatement made the second-quarter report late, and NASDAQ issued its first compliance notice against the company - a week after the restatement was announced.
20 Aug 2013financial restatement▼ BadMajor
On 19 August 2013, about two months after the merger, the company decided to restate its first-quarter 2013 accounts and said they should no longer be relied on. The errors were in how Papua New Guinea expenses were allocated, and the June-quarter 10-Q would be filed late.
15 Aug 2013late filing notice▼ Bad
SAExploration Holdings, Inc. notified the SEC that its quarterly report would be filed late.