indie Semiconductor Appoints David J. Aldrich to its Board of Directors
indie, an Autotech semiconductor innovator merging with Thunder Bridge Acquisition II (Nasdaq: THBR), has appointed David J. Aldrich to its board of directors. Aldrich, an industry veteran, previously served as CEO and executive chairman of Skyworks Solutions. His expertise in growing businesses and optimizing M&A is seen as crucial as indie prepares for its public listing. The merger is expected to close in Q1 2021, contingent on regulatory approvals. indie aims to capitalize on the growing demand for automotive semiconductors, particularly for advanced safety applications.
- Appointment of David J. Aldrich, an industry veteran, enhances leadership team.
- Aldrich's experience in M&A and business growth expected to aid indie's transition to public company.
- Focus on increased semiconductor content in vehicles aligns with market demand for advanced safety technologies.
- Concerns about continuity as leadership changes occur during the merger process.
- Potential risks related to meeting closing conditions for the business combination.
indie, an Autotech semiconductor and software 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 announced that the Company has appointed David J. Aldrich to its board of directors. Aldrich currently serves as chairman of the board of Skyworks Solutions, Inc., a leading supplier of high-performance mobile communications solutions. He was Skyworks’ executive chairman from May 2016 to May 2018. Prior to his appointment as executive chairman, Aldrich served as Skyworks’ chief executive officer, a position he held since 2002, when the company was created via a merger between Alpha Industries and Conexant Systems' wireless business. Before the creation of Skyworks, Aldrich was president and CEO of Alpha Industries beginning in 2000. He joined Alpha Industries in 1995 as vice president and chief financial officer and held various management positions in the ensuing years, including president and chief operating officer. Prior to Alpha, he held senior management positions at Adams-Russell and M/A-COM.
“indie is delighted to welcome Dave Aldrich to our board of directors,” said Donald McClymont, indie’s co-founder, chairman and chief executive officer. “Dave is an industry veteran with extensive experience and a proven track record of success in organically growing businesses, consolidating via M&A and creating extraordinary shareholder value. His background will be invaluable to us as indie transitions to a publicly traded company and capitalizes on the enormous Autotech market opportunity.”
“I am excited to be joining indie’s board of directors at this pivotal time,” said Aldrich. “The automotive market has reached an inflection point with vehicle manufacturers requiring increased levels of semiconductor content to support advanced safety applications. I look forward to leveraging my experience to help the indie team accelerate its ambitious business plans.”
Aldrich received a bachelor's of arts in political science from Providence College in 1979 and a master's in business administration from the University of Rhode Island in 1981. In 2004, he was named Ernst & Young New England Entrepreneur of the Year in the Semiconductor category. In 2014, he was named CEO of the Year by the Massachusetts Technology Leadership Council. Aldrich is also a board member of Belden, a publicly traded provider of end-to-end signal transmission solutions, and Acacia Communications, a publicly traded provider of high-speed coherent optical interconnect products.
Aldrich joins independent directors Peter J. Kight and Dr. Karl-Thomas Neumann. Kight serves as a senior special advisor to Thunder Bridge Acquisition II and is chairman of the board of Repay, an omnichannel payments technology provider. He was the founder, chairman and CEO of CheckFree, a provider of financial services technology, from 1981 until it was acquired by Fiserv in 2007. He also served as director and vice chairman (2007 to 2010) of Fiserv until 2012. Previously, Kight was co-chairman, managing partner and senior advisor at Comvest Partners. He is a board member of Bill.com Holdings, Inc., a provider of software that digitizes and automates back-office financial operations. Kight holds more than a dozen patents and publications for electronic banking and payment systems.
Neumann was previously chairman of the board and president at Opel, served as executive vice president and president of Europe for General Motors and was a member of GM’s Executive Committee. Neumann was also with Volkswagen AG, where he was CEO and vice president of Volkswagen Group China in Beijing. Prior to that, he held a number of management positions at Volkswagen, including head of research and director of Electronics Strategy. Neumann was also a member of the executive board at Continental AG responsible for the Automotive Systems Division. From 2008 to 2009, he was chairman of the executive board of Continental AG and later returned to Volkswagen AG with company-wide responsibility for electric propulsion.
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, Edinburgh, Scotland, Dresden, Germany and various locations throughout China.
Please visit us at www.indiesemi.com to learn more.
In December, 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 the first quarter of 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
Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, Thunder Bridge II filed a registration statement on Form S-4 (the “Form S-4”), which includes a proxy statement/prospectus, with the Securities and Exchange Commission (the “SEC”) on January 25, 2021, and II intends to file any and all additional relevant materials and other documents, as they become available, regarding the proposed transaction with the SEC. Thunder Bridge II’s shareholders and other interested persons are advised to read, the preliminary proxy statement/prospectus, included in the Form S-4, and the amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about indie, Thunder Bridge II and the proposed business combination. Promptly after the Form S-4 is declared effective by the SEC, Thunder Bridge II will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the Business Combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Thunder Bridge II are urged to carefully read the entire Form S-4 and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Thunder Bridge II with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov or by directing a request to Thunder Bridge Acquisition II, Ltd., 9912 Georgetown Pike, Suite D203, Great Falls, Virginia, 22066, Attention: Secretary, or by calling (202) 431-0507.
Participants in the Solicitation
Thunder Bridge II and its directors and executive officers may be deemed participants in the solicitation of proxies from its shareholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Thunder Bridge II is in the proxy statement/prospectus for the proposed business combination included in the Form S-4, which is available at www.sec.gov. Information about Thunder Bridge II’s directors and executive officers and their ownership of Thunder Bridge II ordinary shares is set forth in Thunder Bridge II prospectus, dated August 9, 2019 and in the proxy statement/prospectus included in the Form S-4, as may be modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filings. Other information regarding the interests of the participants in the proxy solicitation is also disclosed in the proxy statement/prospectus included in the Form S-4 pertaining to the proposed business combination. These documents can be obtained free of charge from www.sec.gov.indie and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Thunder Bridge II in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination is disclosed in the proxy statement/prospectus included in the Form S-4 for the proposed business combination.
Forward Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding indie’s industry and market sizes, future opportunities for indie and Thunder Bridge II, indie’s estimated future results and the proposed business combination between Thunder Bridge II and indie, including the implied enterprise value, the expected transaction and ownership structure and the likelihood, timing and ability of the parties to successfully consummate the proposed transaction. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors previously disclosed in Thunder Bridge II’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inability to meet the closing conditions to the business combination, including the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the inability to complete the transactions contemplated by the definitive agreement due to the failure to obtain approval of Thunder Bridge II’s shareholders, the failure to achieve the minimum amount of cash available following any redemptions by Thunder Bridge II shareholders, redemptions exceeding a maximum threshold or the failure to meet The Nasdaq Stock Market’s initial listing standards in connection with the consummation of the contemplated transactions; costs related to the transactions contemplated by the definitive agreement; a delay or failure to realize the expected benefits from the proposed transaction; risks related to disruption of management’s time from ongoing business operations due to the proposed transaction; changes in the automobile or semiconductor markets in which indie competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in domestic and global general economic conditions, risk that indie may not be able to execute its growth strategies, including identifying and executing acquisitions; risks related to the ongoing COVID-19 pandemic and response; risk that indie may not be able to develop and maintain effective internal controls; and other risks and uncertainties indicated in Thunder Bridge II’s final prospectus, dated August 9, 2019, for its initial public offering, and the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in Thunder Bridge II’s other filings with the SEC. Indie cautions that the foregoing list of factors is not exclusive.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Thunder Bridge II and indie or the date of such information in the case of information from persons other than Thunder Bridge II or indie, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding indie’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
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