Independence Contract Drilling, Inc. Announces Commencement of Trading on the OTCQX Best Market under the Symbol ICDI Effective August 29, 2024

Rhea-AI Summary

Independence Contract Drilling (ICD) has announced that its Common Stock will begin trading on the OTCQX Best Market under the ticker symbol 'ICDI' on August 29, 2024. This move from the New York Stock Exchange (NYSE) is due to the company's average market capitalization falling below the required $15 million threshold over a 30 trading-day period. ICD provides land-based contract drilling services for oil and natural gas producers in the United States, operating a fleet of pad-optimal ShaleDriller rigs designed to accelerate clients' production profiles and cash flows from technically demanding and economically impactful properties.

Positive

• Transition to OTCQX Best Market allows continued trading of ICD stock
• Company maintains its specialized fleet of ShaleDriller rigs for oil and gas producers

Negative

• Delisting from NYSE due to market capitalization falling below $15 million threshold
• Move to OTCQX may result in reduced liquidity and investor interest
• Indicates significant decline in company's market value

HOUSTON, Aug. 28, 2024 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") announced today the expected move of trading of the Company's Common Stock to the OTCQX Best Market from the New York Stock Exchange ("NYSE").  The Common Stock is expected to begin trading on the OTCQX Best Market under ticker symbol "ICDI" upon the opening of trading on August 29, 2024.  The move from the NYSE is precipitated from the Company's average market capitalization, or total trading value, falling below the $15 million threshold over a 30 trading-day period that is required to remain in compliance with the NYSE's listing standards.

Existing stockholders will find the Company's common stock quoted on the OTCQX Best Market without any further action needed. For quotes or additional information on the OTCQX Best Market, please visit otcmarkets.com.

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.icdrilling.com.

INVESTOR CONTACTS:

Independence Contract Drilling, Inc.
E-mail inquiries to: Investor.relations@icdrilling.com
Phone inquiries: (281) 598-1211

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/independence-contract-drilling-inc-announces-commencement-of-trading-on-the-otcqx-best-market-under-the-symbol-icdi-effective-august-29-2024-302233479.html

SOURCE Independence Contract Drilling, Inc.

FAQ

When will Independence Contract Drilling (ICD) start trading on the OTCQX Best Market?

Independence Contract Drilling (ICD) is expected to begin trading on the OTCQX Best Market under the ticker symbol 'ICDI' on August 29, 2024.

Why is ICD moving from NYSE to OTCQX Best Market?

ICD is moving to OTCQX Best Market because its average market capitalization fell below the $15 million threshold over a 30 trading-day period, which is required to remain in compliance with NYSE listing standards.

What services does Independence Contract Drilling provide?

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States, using its fleet of pad-optimal ShaleDriller rigs.

Do existing ICD stockholders need to take any action due to the exchange change?

No, existing ICD stockholders will find the company's common stock quoted on the OTCQX Best Market without any further action needed.