secwatch.observer — SEC 8-K summary
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Issuer:     DAWSON GEOPHYSICAL CO (DWSN)
CIK:        0000799165
Form:       8-K
Filed at:   2023-03-24T23:59:59+00:00
Accession:  0001104659-23-036243
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Dawson Geophysical acquires Breckenridge seismic assets for 7M shares; credit line cut to $5M
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- Acquired substantially all Breckenridge seismic data acquisition assets (excluding multi-client library) for 7,000,000 shares of Dawson common stock.
- 1,188,235 shares issued at closing; remaining 5,811,765 shares in convertible note at $1.70/share, convertible upon shareholder approval.
- Revolving credit facility amended from $10M to $5M; lender provided waiver for covenant non-compliance related to the transaction.
- Wilks Brothers (74.46% voting power) is counterparty; transaction approved by Special Committee with Houlihan Lokey fairness opinion.
- Plan to integrate employees and equipment; CEO cites increased capacity and operational synergies from combined operations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/799165/000110465923036243/0001104659-23-036243-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/799165/000110465923036243/tm2310216d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-036243

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