Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2021material agreement● Neutral
On August 19, 2021 the company restated its at-the-market stock sale agreement, adding Johnson Rice alongside Piper Sandler, under a new shelf registration, with the board authorising $7.5 million of additional stock sales. Any sales would dilute existing shareholders.
19 Aug 2021material agreement termination▲ GoodMajor
On August 17, 2021 the SBA approved forgiveness of the entire $10.0 million PPP loan taken in April 2020, plus accrued interest, so it does not need to be repaid. The company said forgiveness will be recognised in the quarter ending September 30, 2021. This resolves the open PPP forgiveness thread.
MSD Partners, L.P, MSD Credit Opportunity Master Fund, L.P reported a Independence Contract Drilling, Inc. shareholding of 367,074 shares (5.60% of votes) in a periodic institutional filing.
MSD Capital, L.P, MSD Energy Investments, L.P, Michael S. Dell reported a Independence Contract Drilling, Inc. shareholding of 113,717 shares (1.70% of votes) in a periodic institutional filing.
MSD Partners, L.P, MSD Credit Opportunity Master Fund, L.P reported a Independence Contract Drilling, Inc. shareholding of 447,811 shares (6.90% of votes) in a periodic institutional filing.
On March 8, 2021 the company said it sold about $11.0 million of stock in 2020 under its June 2020 Piper Sandler at-the-market programme, and that the board authorised a further $2.2 million of sales under the same agreement. This continues the equity raising that dilutes existing shareholders.