indie Semiconductor Provides Merger and Business Update
Combination with Thunder Bridge Acquisition II on Track to Close Early Spring 2021
Clears Hart-Scott-Rodino Transaction Hurdle
Company Sees Strengthening Autotech Demand and Sustainable Order Pattern Reaffirms Strong Revenue Outlook for Above Market Growth
Current Industry Shortage of Automotive ICs Underscores Strategic Market Opportunity
ALISO VIEJO, Calif.--(BUSINESS WIRE)-- indie Semiconductor, an Autotech solutions innovator which is currently in the process of becoming a public company through a planned merger with Thunder Bridge Acquisition II (Nasdaq: THBR), a special purpose acquisition company, today provided a transaction timeline and business update. indie and Thunder Bridge did not receive any communication from the Federal Trade Commission (FTC) or Department of Justice (DOJ) as of the expiration of the 30-day waiting period for premerger notification filings under the Hart-Scott-Rodino (HSR) Antitrust Act. Accordingly, no additional antitrust action is needed. Further, indie and Thunder Bridge expect to file an updated Form S-4 to their original January 25, 2021 document in response to an initial round of comments recently received from the Securities and Exchange Commission. As a result, indie and Thunder Bridge expect to close the transaction in early Spring 2021, subject to the Form S-4 being declared effective and customary closing conditions, including a successful shareholder vote.
With a decade-long history of innovation, indie is at the forefront of several disruptive automotive megatrends spanning ADAS/Autonomous, Connectivity, User Experience and Vehicle Electrification. The Company’s best-in-class, mixed signal system-on-a-chip (SoC) solutions are currently on 12 Tier 1 approved vendor lists, contributing to a strategic backlog position of more than $2 billion, as previously disclosed, which indie defines as projected revenues based on existing contracts, design and pricing terms and historic production trends. According to IHS, the Company’s automotive semiconductor portfolio currently addresses a $16 billion market, which is expected to exceed $38 billion by 2025 driven by strong demand for silicon and software content in automobiles.
“Response to our merger announcement has been overwhelmingly positive amongst our existing customers, new partners and global employee base,” said Donald McClymont, indie’s co-founder, chairman and chief executive officer. “Strengthening visibility and pent-up demand in the current quarter is setting the stage for demonstrable market outperformance this year. From a longer-term perspective, the current supply shortage across the automotive semiconductor industry is underscoring the need for an additional vendor with scale who meets all key quality standards. indie is particularly well positioned to capitalize on this enormous strategic market opportunity, especially after the completion of our planned merger with Thunder Bridge. To that end, we look forward to providing updates on our closing activities over the coming weeks.”
About indie
indie is empowering the Autotech revolution with next generation automotive semiconductors and software platforms. We focus on edge sensors for Advanced Driver Assistance Systems including LiDAR, connected car, user experience and electrification applications. These technologies represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day.
We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs around the world. Headquartered in Aliso Viejo, CA, indie has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland and various locations throughout China.
Please visit us at www.indiesemi.com to learn more.
In December 2020, indie announced it entered into a definitive agreement to merge with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company. The transaction is expected to close in early Spring 2021, subject to regulatory and stockholder approvals, and other customary closing conditions. The combined company will retain the indie Semiconductor name and be listed on Nasdaq under the new ticker symbol “INDI.”
About Thunder Bridge Acquisition II, Ltd.
Thunder Bridge Acquisition II, Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2019, Thunder Bridge Acquisition II consummated a $345 million initial public offering (the “IPO”) of 34.5 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and one-half warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge II’s securities are quoted on the Nasdaq stock exchange under the ticker symbols THBRU, THBR and THBRW.
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