Indie Semiconductor, an automotive chip, and software company said this past Tuesday, they will go public through a blank-check merger to raise capital for its expansion efforts.
Indie Semiconductor Merges with Thunder Bridge Acquisition II
Trading with Indie Semiconductor on the NASDAQ exchange, the merger with a special purpose acquisition company Thunder Bridge Acquisition II values the combined company at $1.4 billion.
The new Indie will receive near $495 million in cash upon closing of the deal. This will include the $345 million that Thunder Bridge raised last year from its own initial public offering.
Gary Simanson formed The SPAC. Investor Gary Simanson is a former CEO of First Avenue National Bank.
The established leadership franchise features Indie CEO, Donald McClymont. Moreover, it has a differentiated product offering. They have shipped over 100 million units to Tier 1 automotive suppliers globally. Simanson said this in a news release.
Indie has the financial firepower to accelerate the company’s strategic growth initiatives. To also help create an autotech pureplay powerhouse by virtue of our combination, he added.
Indie Superconductor has been in Business for 13 Years
Founded in 2007, Indie Semiconductor makes sensors for electric and autonomous vehicles that enable advanced driver assistance systems. This includes LiDAR, and connected car, user experience, and vehicle electrification applications.
Its current market value will possibly exceed $38 billion by 2025. That its savvy strategic backlog position is valuing at more than $2 billion. It lost $17 million on sales of just $23 million in 2019. This is according to a presentation that accompanied the merger announcement. It does not expect to turn a profit until 2023.
The company said its addressable market is expected to exceed $38 billion by 2025 and that its strategic backlog position is valued at more than $2 billion. But it lost $17 million on sales of just $23 million in 2019, according to a presentation that went with the merger announcement, and it does not expect to turn a profit until 2023.
Indie Superconductor is very happy to Partner with Thunder Bridge II
Donald McClymont said he is ecstatic to partner with Thunder Bridge II. Especially at this key growth moment to capitalize on our existing design win pipeline, to extend Indie’s product reach, and drive scale and further consolidate within autotech,” McClymont said.