---
schema_version: "secwatch.filing_event.v1"
accession: "0001537028-24-000057"
form_type: "8-K"
ticker: null
cik: "0001537028"
company_name: "Independence Contract Drilling, Inc."
filed_at: "2024-12-03T23:59:59+00:00"
generated_at: "2026-05-29T09:50:32.551137+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Independence Contract Drilling files Chapter 11; plan to equitize ~$199M notes, cancel stock

## Summary
- Filed prepackaged Chapter 11 on Dec 2, 2024; Noteholders unanimously support plan to equitize ~$199.3M of convertible notes.
- DIP financing of up to $32.5M provided by Noteholders; exit facility of $40M committed.
- All other secured and unsecured creditors to be paid in full in ordinary course.
- Common stock to be cancelled; expected delisting from OTCQX to OTC Pink on Dec 3.
- Retention awards to execs: Gallegos $712.2K, Choyce $513.8K, Keller $315K; repayable if leave early.

## SEC filing metadata
- accession: 0001537028-24-000057
- form_type: 8-K
- cik: 0001537028
- company_name: Independence Contract Drilling, Inc.
- filed_at: 2024-12-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.04, 3.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1537028/000153702824000057/0001537028-24-000057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1537028/000153702824000057/icdi-20241127x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001537028-24-000057
- JSON: https://secwatch.observer/filing/0001537028-24-000057.json
- Plain text: https://secwatch.observer/filing/0001537028-24-000057.txt

## Key facts
- Distress & Bankruptcy
  Independence Contract Drilling, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas, Houston Division (petition 2024-12-02).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the Southern District of Texas, Houston Division
  - Petition: 2024-12-02
  source text: On December 2, 2024, ICD filed a petition under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the for the United Stated Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court", and the chapter 11 process filed at the Bankruptcy Court, the "Chapter 11 Cases").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000153702824000057/0001537028-24-000057-index.htm
- Listing & Compliance Notices
  Independence Contract Drilling, Inc. received a otc deficiency notice notice regarding market value.
  - Exchange: otc
  - Notice: deficiency notice
  - Deficiency: market value
  source text: December 2, 2024, the OTCQX Best Market (“OTCQX”) notified the Company that it was no longer compliant with the OTCQX’s minimum market capitalization rule, which requires the Company to maintain an average market capitalization of $5 million over a consecutive 30-day trading period. The OTCQX rules provide for a cure period of 90 calendar days to regain compliance, which cure period begins upon failure to meet the market capitalization rule. During such period, the applicable criteria must be met for ten consecutive trading days. Such cure period is set to expire March 3, 2025. If at that time
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000153702824000057/0001537028-24-000057-index.htm
- Listing & Compliance Notices
  Independence Contract Drilling, Inc. received a otc delisting notice notice regarding other.
  - Exchange: otc
  - Notice: delisting notice
  source text: December 2, 2024, the OTCQX Best Market (“OTCQX”) notified the Company that it was no longer compliant with the OTCQX’s minimum market capitalization rule, which requires the Company to maintain an average market capitalization of $5 million over a consecutive 30-day trading period. The OTCQX rules provide for a cure period of 90 calendar days to regain compliance, which cure period begins upon failure to meet the market capitalization rule. During such period, the applicable criteria must be met for ten consecutive trading days. Such cure period is set to expire March 3, 2025. If at that time
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000153702824000057/0001537028-24-000057-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.