Thunder Bridge Acquisition II Ltd. closed its IPO of 34.5 million units, including 4.5 million units issued pursuant to the exercise in full of the underwriters' overallotment option.
Each unit consists of 1 class A ordinary share of Thunder Bridge Acquisition II and one-half of 1 redeemable warrant. Only whole warrants will trade and are exercisable, with each whole warrant entitling the holder to purchase 1 class A ordinary share at $11.50.
The offering was priced at $10.00 per unit, resulting in gross proceeds of $345 million.
Of the proceeds received from the consummation of the IPO and a simultaneous private placement of warrants, $345 million, or $10.00 per unit sold in the public offering, was placed in trust.
The units began trading on the Nasdaq Capital Market Aug. 9 under the ticker symbol THBRU. Once the securities comprising the units commence separate trading, the class A ordinary shares and warrants are expected to be traded on Nasdaq Capital Market under the symbols THBR and THBRW, respectively.
Morgan Stanley & Co. LLC and Cantor Fitzgerald & Co. acted as joint book-running managers for the offering. Ellenoff Grossman & Schole LLP acted as counsel to Thunder Bridge Acquisition II, while Ropes & Gray LLP served as counsel to the underwriters.
Thunder Bridge Acquisition II is a blank check company. While it may pursue an initial business combination target in any business or industry, Thunder Bridge Acquisition II intends to focus its search on companies in the financial technology sector.