indie Semiconductor, an Autotech solutions innovator, and Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company, today announced the completion of their previously announced business combination. The combined company will retain the indie Semiconductor name with its common stock and warrants to commence trading on Nasdaq under the new ticker symbols “INDI” and “INDIW”, respectively, on June 11, 2021. The business combination was approved at a special meeting of Thunder Bridge Acquisition II’s shareholders on June 9, 2021.
“The completion of our business combination with Thunder Bridge Acquisition II marks an extraordinary milestone for indie,” said Donald McClymont, indie’s Co-founder and CEO. “We founded indie back in 2007 on the simple concept of addressing the need for innovative semiconductor system solutions. Today we are a rapidly growing public company focused on the automotive industry with a global footprint and key relationships with leading Tier 1 customers and OEMs. Our advanced technologies are helping to re-architect tomorrow’s vehicle today, solving the step function increase in electronic performance and complexity demanded by our customers to improve safety, facilitate seamless data connectivity, enhance the user experience and accelerate electrification. Looking ahead, we are well positioned to capitalize on our existing design win pipeline, drive scale and further consolidate within Autotech while creating shareholder value.”
“We are delighted to close our merger with the indie team,” said Gary Simanson, President and CEO of Thunder Bridge Acquisition II. “indie has established an industry-leading franchise, and by virtue of our combination, will have the financial firepower to accelerate its strategic growth initiatives and create an Autotech pureplay powerhouse. Thunder Bridge’s focus on high growth technology businesses combined with our proven ability to provide substantial equity capital from the SPAC sponsor, IPO investors and PIPE participants brought significant value to this transaction. Whether in the growing market for financial technology, such as REPAY (Nasdaq: RPAY), or in the burgeoning market for automotive technology such as indie Semiconductor (Nasdaq: INDI), the Thunder Bridge SPAC team is committed to its investors and helping strong operating companies realize their strategic objectives, access public capital markets and create long term shareholder value.”
The business combination is expected to result in gross proceeds of approximately $400 million to indie at closing, net of Thunder Bridge Acquisition II’s shareholder redemptions.
In addition to Donald McClymont, following completion of the business combination, indie will retain its experienced management team including Ichiro Aoki, Co-founder and President; Scott Kee, Co-founder and Chief Technology Officer; Thomas Schiller, Chief Financial Officer and EVP of Strategy; Ellen Bancroft, General Counsel, and Steve Machuga, Chief Operating Officer.
