SAExploration Holdings, Inc. SAEX 2.31% shareholders got a bit of excitement this week after shares spiked roughly 40 percent in early Monday trading following news that the company is receiving a $24 million tax credit from the Alaskan state government. As a result of the credit, SAExploration has also reported that is has met the conditional requirements to gain access to the remaining $15 million on its Senior Loan Facility.
For a stock with a market cap of only $74.2 million, that $15 million could go a long way.
SAExploration is an oilfield services company that specializes in seismic data. The company operates in Canada, Alaska, South America and Southeast Asia.
According to CEO Jeff Hastings, the tax credits are great news for SAExploration shareholders.
“We believe the value that can ultimately be derived from these tax credit certificates, and those yet to be issued, will be highly accretive to the company and to our stockholders,” Hastings said.
The company is expecting an additional $60.5 million in tax credits from the state of Alaska over the next 12 months.
After initially cheering the news, the reality may have set…
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