Thunder Bridge Capital Partners III Inc. Announces Closing of $414,000,000 Initial Public Offering

Rhea-AI Summary

Thunder Bridge Capital Partners III Inc. (NASDAQ: TBCPU) has successfully closed its initial public offering (IPO) of 41.4 million units, raising gross proceeds of $414 million at $10.00 per unit. This offering includes the full exercise of the underwriters’ over-allotment option for 5.4 million units. Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant, with the latter exercisable at $11.50 per share. The proceeds will be placed in trust for potential business combinations, primarily within the financial services industry.

Positive

• Raised $414 million in IPO, providing significant capital for future acquisitions.
• Focus on financial services sector may attract stable investment opportunities.

Negative

• Potential dilution of shares if warrants are exercised at $11.50.
• Future business combinations uncertain, with reliance on market conditions.

New York, NY, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Thunder Bridge Capital Partners III Inc. (NASDAQ: TBCPU) (the “Company”) announced today that it closed its initial public offering of 41,400,000 units, including 5,400,000 Units issued pursuant to the exercise in full of the underwriters’ over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $414,000,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “TBCPU” on February 5, 2021. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will trade and are exercisable.  Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols “TBCP” and “TBCPW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the financial services industry. The Company is led by Chief Executive Officer Gary A. Simanson.

Morgan Stanley & Co. LLC acted as sole book running manager for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $414,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of February 10, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
  
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
  
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on February 4, 2021.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Gary A. Simanson
202.431.0507
gsimanson@thunderbridge.us

FAQ

What are the details of Thunder Bridge Capital Partners III's IPO on February 10, 2021?

On February 10, 2021, Thunder Bridge Capital Partners III closed its IPO, issuing 41.4 million units at $10.00 each, totaling $414 million.

What securities make up each unit in the TBCPU offering?

Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant.

What is the purpose of the funds raised from the TBCPU IPO?

Funds raised will be used for potential mergers and acquisitions primarily in the financial services industry.

What will happen to the warrants issued in the TBCPU IPO?

Warrants are exercisable at $11.50 per share and will trade separately under the ticker symbol 'TBCPW'.

What are the ticker symbols for the shares and warrants of Thunder Bridge Capital Partners III?

The shares will trade under 'TBCP' and the warrants under 'TBCPW'.