indie Semi and Thunder Bridge Acquisition II closes business combination
indie Semiconductor, an Autotech solutions innovator, and Thunder Bridge Acquisition II, Ltd., a special purpose acquisition company, today announced the completion of their previously announced business combination.
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,” says Donald McClymont, indie’s Co-founder and CEO in a press release. “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.” “We are delighted to close our merger with the indie team,” adds 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.” The business combination is expected to result in gross proceeds of approximately USD 400 million to indie at closing, net of Thunder Bridge Acquisition II’s shareholder redemptions.