Dawson reports $36.5M cash, warns of continued cash burn; Board repeats tender recommendation at $2.34/share

DAWSON GEOPHYSICAL CO

Cash, restricted cash and ST investments approx. $36.5M as of Nov 12, 2021, down from Sep 30 balance.
Negative net working capital (ex-cash, leases) at Sep 30, 2021; cash burn accelerated in 2021.
Expects 2022 activity similar to Q2/Q3 2021, only slight improvement late 2022; no meaningful recovery in seismic market.
Board unanimously recommends tendering shares at $2.34 per share to Wilks subsidiary; tender open through Nov 30.
Company notes E&P capital discipline persists, further reducing demand for seismic services.

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