Thunder Bridge Acquisition, Ltd. (NASDAQ: TBRGU) announced today that it closed its initial public offering of 22,500,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $225,000,000.
The Company's units began trading on the Nasdaq Capital Market under the ticker symbol "TBRGU" on June 19, 2018. Each unit consists of one of the Company's Class A ordinary shares and one warrant, each warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "TBRG" and "TBRGW," respectively.
The Company 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. 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 technology sector. The Company is led by Chief Executive Officer Gary A. Simanson with Pete Kight as Executive Chairman.
Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. Chardan acted as lead manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,375,000 units at the initial public offering price to cover over-allotments, if any.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $227,250,000 (or $10.10 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of June 21, 2018 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.
Ellenoff Grossman & Schole LLP acted as counsel to the Company and Graubard Miller LLP acted as counsel to the underwriters.
