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indie Semiconductor has successfully merged with Thunder Bridge Acquisition II. The business combination, approved by Thunder Bridge's shareholders, is set to enhance indie's position in the automotive technology sector. Starting June 11, 2021, the merged entity will trade on Nasdaq under the ticker symbols INDI and INDIW, with an expected gross proceed of around $400 million. indie aims to leverage its advanced semiconductor solutions for improved vehicle performance and safety and is well-positioned for growth with existing design wins and an experienced management team.
indie Semiconductor, in the process of merging with Thunder Bridge Acquisition II (Nasdaq: THBR), introduced advanced LED solutions for automotive interior lighting. These smart devices integrate a 32-bit microcontroller with essential hardware and software for versatile lighting systems. The new technology promises improved efficiency, reduced energy consumption, and enhanced driver safety through adaptive lighting solutions. The merger is expected to close around June 10, 2021, pending shareholder approval.
indie Semiconductor reported first quarter 2021 revenue of $8.1 million, a 74% increase year-over-year. Non-GAAP gross margin improved to 40.3%. The GAAP operating loss was $8.1 million, up from $4.5 million a year prior, reflecting heightened R&D investments. The company anticipates accelerated revenue growth and gross margin expansion in the second quarter, as it prepares for its merger with Thunder Bridge Acquisition II (THBR) expected to complete by June 10, 2021. This merger aims to solidify indie's position as an Autotech leader.
indie Semiconductor is moving forward with its merger with Thunder Bridge Acquisition II (THBR) following the SEC's approval of the Registration Statement on Form S-4. The extraordinary general meeting for shareholders is set for June 9, 2021, to vote on the business combination. The merging entities expect to complete the transaction by June 10, 2021, pending shareholder approval. indie aims to leverage this merger to enhance its position in the growing Autotech market, focusing on automotive safety and connectivity solutions. The combined entity will operate under the ticker symbol 'INDI' on Nasdaq.
Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR) has announced a restatement of its financial statements due to new SEC guidance on the accounting of SPAC warrants. The restatement involves changing the Warrants' classification from Shareholders’ Equity to Warrant liability, resulting in a noncash expense for the change in fair value. Despite this, the restatement does not impact the company's cash position or ongoing operations, particularly regarding its planned merger with indie Semiconductor. The company remains committed to completing the business combination.
indie Semiconductor, innovator in Autotech solutions, is merging with Thunder Bridge Acquisition II (Nasdaq: THBR). They introduced advanced sensing solutions for automotive parking-assist applications, which leverage proprietary DSP algorithms for cost efficiency. As automotive safety demands rise, indie’s platforms like Echosense™ and Sonosense™ aim to simplify OEM designs while enhancing safety. The company is expanding into computer vision, LiDAR, and sensor fusion technologies, capitalizing on a projected market growth of 19% CAGR in automotive semiconductor applications.
indie Semiconductor is merging with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR) to become a public company. CEO Donald McClymont discussed the Autotech market on CNBC's Mad Money on March 31, 2021. The merger, announced in December 2020, aims to close by early Spring 2021, subject to regulatory approvals. indie specializes in automotive semiconductors for electric and autonomous vehicles and partners with major automotive OEMs globally. Post-merger, the combined entity will be named indie Semiconductor and trade on Nasdaq under the ticker symbol 'INDI.'
indie Semiconductor, in the process of merging with Thunder Bridge Acquisition II (Nasdaq: THBR), has launched the OnBrD™, a versatile OBD-II device designed for automotive diagnostics. This solution enhances vehicle tracking and connectivity while significantly reducing manufacturing costs. The OBD market is projected to grow by $35 billion from 2020 to 2024, driven by demand for remote monitoring. The OnBrD™ integrates advanced automotive technology to support both current and future applications, positioning indie as a key player in the evolving automotive landscape.
indie Semiconductor is merging with Thunder Bridge Acquisition II (THBR), with an expected transaction close in early Spring 2021. Both companies haven't received antitrust action from the FTC or DOJ, clearing a hurdle for the merger. indie boasts a strategic backlog exceeding $2 billion and is positioned within a $16 billion automotive semiconductor market projected to grow to $38 billion by 2025. The merger is seen positively by stakeholders, with indie prepared to capitalize on current supply shortages in the automotive semiconductor sector.
