17 Jan 2025listing compliance notice▼ BadMajor
Independence Contract Drilling, Inc. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2025bankruptcy or receivership▼ BadMajor
On Jan 9, 2025, the Bankruptcy Court confirmed ICD's First Amended Joint Prepackaged Plan. The filing says all existing common stock (15,142,611 shares outstanding) will be cancelled on the Effective Date with no distribution or compensation to holders. Noteholders get about 1,000,000 new shares, which are not expected to be listed. ICD targets an Effective Date of Jan 17, 2025 and plans to file a Form 15 to stop SEC reporting then. This resolves the Chapter 11 thread; the effective date is not guaranteed.
20 Dec 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Vincent J Cebula disposed of 44,169 shares via option/appreciation-right settlement.
20 Dec 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Robert J. Barrett IV sold 42,627 shares at $0.01.
18 Dec 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider James Minmier sold 24,300 shares.
6 Dec 2024substantial holder notice● Neutral
Glendon Capital Management LP, Christopher Sayer, Glendon Opportunities Fund II, L.P reported a Independence Contract Drilling, Inc. shareholding of 1,668,692 shares (9.90% of votes) in a periodic institutional filing.
5 Dec 2024listing compliance notice▼ BadMajor
The Bankruptcy Court approved the DIP financing on Dec 4, 2024: up to $32.5 million from certain noteholders ($27.5 million interim), at one-month SOFR plus 4.00%, used for working capital, bankruptcy costs and paying down the revolver. The stock was delisted from OTCQX on Dec 3 because of the Chapter 11 filing and began trading on OTC Pink on Dec 4 under the symbol ICDIQ. This continues the bankruptcy case.
3 Dec 2024bankruptcy or receivership▼ BadMajor
On Dec 2, 2024, ICD and subsidiary Sidewinder Drilling filed for Chapter 11 in Houston with a prepackaged plan. Under the plan, noteholders receive 100% of the new common stock (subject to dilution from a management incentive plan) and the existing common stock is cancelled; unsecured creditors are to be paid in full. The filing triggered acceleration of about $14.3 million under the Wells Fargo revolver and about $206.8 million of convertible notes. Noteholders are to provide up to $32.5 million of DIP financing ($27.5 million interim). OTCQX flagged a market-value shortfall and the stock was expected to move to OTC Pink on Dec 3. Executives were also given cash retention awards approved Nov 27, 2024 (details truncated). The plan still needs court approval.
27 Nov 2024material agreement● NeutralMajor
On Nov 25, 2024, ICD sold $7.5 million of additional convertible secured PIK toggle notes due 2026 to MSD Partners affiliates and a Glendon Capital affiliate, under the existing March 2022 indenture. The money is for working capital. This adds to the 2026 notes debt already held by its largest holders.
27 Nov 2024substantial holder notice● Neutral
Glendon Capital Management LP, Christopher Sayer, Glendon Opportunities Fund II, L.P reported a Independence Contract Drilling, Inc. shareholding of 1,668,692 shares (9.90% of votes) in a periodic institutional filing.
27 Nov 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Msd Partners, L.P. bought 3,757,500 shares on the open market at $4.51.
19 Nov 2024quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $38.0 million and a net loss of $18.5 million for the period ended 2024-09-30.
14 Nov 2024late filing notice▼ Bad
Independence Contract Drilling, Inc. notified the SEC that its quarterly report would be filed late.
31 Oct 2024substantial holder notice● Neutral
Karlin Energy, LLC, Karlin Asset Management, Inc, Karlin Holdings Limited Partnership, Gary Karlin Michelson MD Living Trust dated, Gary Karlin Michelson reported no remaining Independence Contract Drilling, Inc. shareholding in its periodic institutional filing.
18 Sept 2024material agreement● NeutralMajor
On Sept 13, 2024, the 2026 convertible noteholders agreed to a limited waiver. They deferred to Dec 31, 2024 a mandatory $3.5 million note repurchase that was due Sept 30, 2024. They also paused the requirement to keep a share registration statement effective, and allowed the board to have five directors instead of seven, until the waiver period ends (no later than Dec 31, 2024 unless extended). This continues the noteholder relationship; the filing gives no reason for the waivers.
16 Sept 2024director interest notice● Neutral
Steven Strom became a Independence Contract Drilling, Inc. company insider (initial ownership filing).
9 Sept 2024substantial holder notice● Neutral
Glendon Capital Management LP, Christopher Sayer, Glendon Opportunities Fund II, L.P reported a Independence Contract Drilling, Inc. shareholding of 1,672,354 shares (9.90% of votes) in a periodic institutional filing.
29 Aug 2024listing compliance notice● NeutralMajor
Independence Contract Drilling, Inc.'s exchange filed to remove a class of its securities from listing.
29 Aug 2024listing compliance notice▼ BadMajor
The NYSE delisted ICD's stock immediately after the close on Aug 28, 2024, because its average market value fell below the required $15 million over 30 trading days (no cure period). The stock began trading on the OTCQX Best Market on Aug 29, 2024 under the symbol ICDI, with no action needed by holders. This resolves the open NYSE compliance thread. The filing also says the company fell out of line with NYSE board-independence rules after director Stacy Nieuwoudt resigned (Aug 16, 2024), leaving six directors, only three independent.
20 Aug 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Stacy Durbin Nieuwoudt disposed of 50,000 shares via option/appreciation-right settlement.
7 Aug 2024quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $43.3 million and a net loss of $16.7 million for the period ended 2024-06-30.
10 July 2024substantial holder notice● Neutral
Glendon Capital Management LP, Christopher Sayer, Glendon Opportunities Fund II, L.P reported a Independence Contract Drilling, Inc. shareholding of 1,671,603 shares (9.90% of votes) in a periodic institutional filing.
2 July 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Robert J. Barrett IV exercised stock options for 6,837 shares and disposed of 10,256 shares.
1 May 2024quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $46.6 million and a net loss of $9.0 million for the period ended 2024-03-31.
1 May 2024quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $46.6 million and a net loss of $9.0 million for the period ended 2024-03-31.
19 Mar 2024director interest notice● Neutral
Independence Contract Drilling, Inc. PRESIDENT & CEO John A. Gallegos Jr. acquired 3,994 shares and disposed of 6,586 in a set of related equity transactions.
19 Mar 2024director interest notice● Neutral
Independence Contract Drilling, Inc. PRESIDENT & CEO John A. Gallegos Jr. acquired 132,216 shares and disposed of 218,001 in a set of related equity transactions.
19 Mar 2024director interest notice● Neutral
Independence Contract Drilling, Inc. PRESIDENT & CEO John A. Gallegos Jr. acquired 139,607 shares and disposed of 218,000 in a set of related equity transactions.
19 Mar 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Vincent J Cebula exercised stock options for 5,501 shares and disposed of 8,251 shares.
29 Feb 2024director interest notice● Neutral
Independence Contract Drilling, Inc. insider Stacy Durbin Nieuwoudt received 33,334 shares and a 16,666-share option grant as part of the equity award.