18 Nov 2020securities registration● Neutral
Independence Contract Drilling, Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2020securities registration● Neutral
Independence Contract Drilling, Inc. registered a securities offering with the SEC.
12 Nov 2020capital raising announcement● NeutralMajor
On November 11, 2020 the company signed a deal letting it sell up to $5.0 million of stock to Tumim Stone Capital over 24 months once a resale registration is effective, at its option and capped at 1,234,546 shares (19.99% of shares outstanding) unless shareholders approve more or pricing conditions are met. Fees paid were $180,000 to B. Riley and $100,000 to Tumim; proceeds may go to general purposes including prepaying the $3.1 million owed to an affiliate (the mechanical rig proceeds). An investor presentation said six rigs were drilling at September 30, 2020, two more were reactivated in October, and one more contract was signed for the Permian in November.
3 Nov 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $10.2 million and a net loss of $15.2 million for the period ended 2020-09-30.
3 Nov 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $10.2 million and a net loss of $15.2 million for the period ended 2020-09-30.
6 Oct 2020director interest notice● Neutral
Independence Contract Drilling, Inc. President & CEO John A. Gallegos Jr. exercised stock options for 3,929 shares and disposed of 4,885 shares.
6 Oct 2020director interest notice● Neutral
Independence Contract Drilling, Inc. VP - Sales and Marketing Scott A. Keller exercised stock options for 7,630 shares and disposed of 9,488 shares.
6 Oct 2020director interest notice● Neutral
Independence Contract Drilling, Inc. director James Minmier exercised stock options for 353 shares and disposed of 353 shares.
4 Aug 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.4 million and a net loss of $10.1 million for the period ended 2020-06-30.
4 Aug 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.4 million and a net loss of $10.1 million for the period ended 2020-06-30.
1 July 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.4 million and a net loss of $10.1 million for the period ended 2020-06-30.
12 June 2020director interest notice● Neutral
Scott A. Keller became a Independence Contract Drilling, Inc. VP - Sales and Marketing and company insider (initial ownership filing).
9 June 2020director interest notice● Neutral
Kathrine Kokenes became a Independence Contract Drilling, Inc. Chief Accounting Officer and company insider (initial ownership filing).
5 June 2020material agreement● NeutralMajor
On June 5, 2020 the company set up an at-the-market programme with Piper Sandler to sell up to $11.0 million of new common stock (3% commission), so shareholders face possible dilution. On June 4, 2020 it also agreed with MSD affiliates to push the mechanical rig sale proceeds owed to former Sidewinder holders (previously due Q2 2020; $2,901,709 as of March 31, 2020) out to the earlier of June 30, 2022 or a change of control, with interest of 15% a year to Dec 31, 2020 and 25% after, and amended the term loan to let it pay interest in kind for one three-month period, in exchange for a 0.75% fee on repayment. The filing says the MSD deals are meant to enhance liquidity.
5 June 2020securities registration● Neutral
Independence Contract Drilling, Inc. filed a prospectus supplement for an offering off its existing shelf.
7 May 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $38.5 million and a net loss of $28.2 million for the period ended 2020-03-31.
7 May 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $38.5 million and a net loss of $28.2 million for the period ended 2020-03-31.
1 May 2020debt financing▼ BadMajor
On April 27, 2020 the company took a $10.0 million unsecured Paycheck Protection Program loan from City Bank, at 1.0% interest, maturing April 27, 2022, with payments starting November 27, 2020. It can be forgiven in part or in full if the money is spent on payroll and other permitted costs (at least 75% on payroll) during the eight weeks after funding. The company said it expects its operating rigs to fall to about six by the end of the second quarter of 2020 because of COVID-19 and lower oil prices, with a shrinking contract backlog, and that its 30-day average market value was about $16 million. Any unforgiven portion must be repaid. This is a new debt on top of the 2018 term loan and revolver.
17 Apr 2020substantial holder notice● Neutral
OR Birch Grove Credit Strategies Maste, OR BGCSMF, OR Birch Grove Capital LP, OR Birch Grove Capital Management LLC, OR Birch Grove Advisors LLC, OR Jonathan I. Berger reported no remaining Independence Contract Drilling, Inc. shareholding in its periodic institutional filing.
6 Apr 2020director interest notice● Neutral
Independence Contract Drilling, Inc. SVP HR & HSE Travis Fitts exercised stock options for 6,396 shares and disposed of 9,274 shares.
6 Apr 2020director interest notice● Neutral
Independence Contract Drilling, Inc. VP - Business Development Chris Menefee exercised stock options for 8,929 shares and disposed of 14,005 shares.
28 Feb 2020quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $45.3 million and a net loss of $35.0 million for the period ended 2019-12-31.
14 Feb 2020substantial holder notice● Neutral
ANTHEM, INC reported a Independence Contract Drilling, Inc. shareholding of 4,007,237 shares (5.25% of votes) in a periodic institutional filing.
5 Feb 2020substantial holder notice● Neutral
OR Birch Grove Credit Strategies Maste, OR BGCSMF, OR Birch Grove Capital LP, OR Birch Grove Capital Management LLC, OR Birch Grove Advisors LLC, OR Jonathan I. Berger reported a Independence Contract Drilling, Inc. shareholding of 4,246,668 shares (5.60% of votes) in a periodic institutional filing.
5 Nov 2019listing compliance notice▼ BadMajor
On November 5, 2019 the NYSE told the company its stock's average closing price had been under $1.00 for 30 trading days, breaching a listing rule. The stock stays listed for now, and the company has six months to get back above $1.00 (or until its next annual meeting if shareholder approval is needed). The company says a reverse stock split is an option, subject to shareholder approval. The filing says this has no impact on operations and does not trigger a default under its debt. This follows the 2018 issuance of 36.75 million new shares and the 2019 buyback announcement.
31 Oct 2019quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $45.1 million and a net loss of $10.5 million for the period ended 2019-09-30.
31 Oct 2019quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $45.1 million and a net loss of $10.5 million for the period ended 2019-09-30.
21 Oct 2019quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $45.1 million and a net loss of $10.5 million for the period ended 2019-09-30.
1 Aug 2019quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $52.9 million and a net loss of $12.9 million for the period ended 2019-06-30.
1 Aug 2019material agreement● NeutralMajor
The company announced a stock buyback of up to $10.0 million, running August 2, 2019 to August 1, 2022, and amended its term loan to explicitly allow it (repurchases capped at $15.0 million over the loan's life and $5.0 million per calendar year, with a further $5.0 million allowed under the program through June 30, 2020). It also let MSD buy up to 2.0 million more shares through December 31, 2019 (down from 2.5 million in the earlier consent), which could lift MSD's stake from about 30% to about 32%. Second-quarter 2019 results were weaker: revenue $52.9 million, net loss $12.9 million ($0.17 per share), adjusted EBITDA $12.8 million, utilization 83.7%, net debt $119.7 million, with 22 rigs operating at quarter end. Management attributed the softening to customers' budget discipline and said merger integration is complete.