OTC Markets Group Welcomes Independence Contract Drilling to OTCQX

Rhea-AI Summary

OTC Markets Group Inc. (OTCQX: OTCM) announced that Independence Contract Drilling Inc (OTCQX: ICDI) has qualified to trade on the OTCQX® Best Market. ICDI, a provider of contract drilling services for oil and natural gas producers, previously traded on the New York Stock Exchange. The company's stock began trading on OTCQX on August 29, 2024, under the symbol 'ICDI'.

Trading on the OTCQX Market offers companies efficient, cost-effective access to U.S. capital markets with streamlined requirements designed to reduce costs and complexity while maintaining transparency for investors. To qualify, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Positive

• ICDI has qualified to trade on the OTCQX Best Market, potentially improving liquidity and visibility
• OTCQX offers cost-effective access to U.S. capital markets compared to NYSE listing
• ICDI meets high financial standards and best practice corporate governance required for OTCQX

Negative

• ICDI has moved from NYSE to OTCQX, which may be perceived as a downgrade in listing status
• Potential reduction in trading volume and analyst coverage due to transition from NYSE

NEW YORK, Aug. 29, 2024 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Independence Contract Drilling Inc (OTCQX: ICDI), a company which provides contract drilling services for oil and natural gas producers, has qualified to trade on the OTCQX® Best Market. Independence Contract Drilling previously traded on the New York Stock Exchange.

Independence Contract Drilling Inc’s stock begins trading today on OTCQX under the symbol “ICDI”. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

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

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

FAQ

When did Independence Contract Drilling (ICDI) start trading on OTCQX?

Independence Contract Drilling (ICDI) began trading on the OTCQX Best Market on August 29, 2024.

What is Independence Contract Drilling's (ICDI) new trading symbol on OTCQX?

Independence Contract Drilling's new trading symbol on OTCQX is 'ICDI'.

Where did Independence Contract Drilling (ICDI) trade before moving to OTCQX?

Independence Contract Drilling (ICDI) previously traded on the New York Stock Exchange before moving to OTCQX.

What are the benefits for ICDI trading on OTCQX according to OTC Markets Group (OTCM)?

According to OTC Markets Group (OTCM), trading on OTCQX offers companies efficient, cost-effective access to U.S. capital markets and streamlined market requirements designed to lower costs and complexity of being publicly traded.