SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) April 2, 1996
TGC Industries, Inc.
(Exact name of registrant as specified in its charter)
Texas 74-2095844
(State or other (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
1304 Summit Avenue, Suite 2, Plano, Texas 75074
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 881-1099
Item 5. Other Events
At a special (telephone) meeting of the Board of Directors of TGC
Industries, Inc. (the "Company") held on April 2, 1996, the Board approved an
Amendment to the Company's Warrant Agreement governing the Company's outstanding
Warrants for the purpose of reducing the current exercise price of $1.50 (or
$2.00 after January 31, 1997) per share of the Company's Common Stock to
$0.375 per share of such Stock. The Board determined that this reduction
in exercise price shall be effective April 22, 1996, through the expiration
date of the Warrants on July 31, 1998.
The Board of Directors took this action in response to the fact that the
current exercise price of the Warrants was substantially in excess of the
current market price of the Company's Common Stock, which, as of the date of
the Board's action, was $0.375 per share. The Board believed that, with this
reduction in exercise price, there would be a greater opportunity for the
Company to obtain additional equity financing needed in the Company's business
operations.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TGC INDUSTRIES, INC.
April 22, 1996 By: /s/ Rice M. Tilley, Jr.
Rice M. Tilley, Jr.,
Assistant Secretary