Independence contract drilling responds to nyse continued listing standard notice

Independence contract drilling, inc. announced that it received written notification from the new york stock exchange that as of, november 1, 2019, the company is no longer in compliance with nyse continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. in accordance with nyse rules, the company has a period of six months from receipt of the notice to regain compliance with the nyse's minimum share price requirement, or until the company's next annual meeting of stockholders, if stockholder approval is required to cure the share price non-compliance. under nyse rules, the company's common stock will continue to be listed and trade on the nyse during this period, subject to the company's compliance with other nyse continued listing requirements. the nyse notification has no impact on icd operations or its securities and exchange commission reporting requirements, and it does not cause an event of default under any of the company's material debt or other agreements. the company plans to actively monitor the closing share price for its common stock and intends to notify the nyse of its intent to pursue measures to cure the share price non-compliance, if necessary, through a reverse stock split of the company's common stock, subject to stockholder approval at a special stockholder meeting or at the 2020 annual meeting of stockholders and a future board determination to effect the same, if such action is necessary to cure the share price non-compliance.
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