Independence Contract Drilling, Inc. (NYSE:ICD) is initiating the process of evaluate alternatives. The refinancing window under the Indenture governing the Company's PIK Toggle Convertible Notes due 2026 opens September 18, 2024. In this regard, ICD's Board of Directors has decided to initiate a formal review process to begin evaluating alternatives with respect to refinancing these Convertible Notes and any other strategic opportunities that present themselves in connection with this evaluation and has formed a committee of independent directors for that purpose.

There can be no assurance that this process will result in the Company pursuing any particular transaction or strategic outcome.