trending Market Intelligence /marketintelligence/en/news-insights/trending/pfl4ecthkt39t5lmhvhpjw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Blank check company Thunder Bridge Acquisition closes IPO

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Blank check company Thunder Bridge Acquisition closes IPO

Great Falls, Va.-based blank check company Thunder Bridge Acquisition Ltd. closed its IPO of 22.5 million units at $10.00 per unit, resulting in gross proceeds of $225 million.

Thunder Bridge Acquisition's units began trading on the Nasdaq Capital Market under the ticker symbol TBRGU on June 19. Each unit consists of one of the company's class A ordinary shares and one warrant, with each warrant enabling the holder thereof to buy one class A ordinary share at $11.50 per share. Thunder Bridge Acquisition is led by CEO Gary Simanson, with Pete Kight as the company's executive chairman.

Once the securities comprising the units begin separate trading, the class A ordinary shares and warrants are anticipated to be listed on Nasdaq under the symbols TBRG and TBRGW, respectively. In addition, Thunder Bridge Acquisition has granted the underwriters a 45-day option to buy up to an additional 3,375,000 units at the IPO price to cover overallotments.

Also, of the proceeds received from the consummation of the IPO and a simultaneous private placement of units, $227.3 million was placed in trust.

Cantor Fitzgerald & Co. served as the sole book running manager for the offering. Chardan served as lead manager. Ellenoff Grossman & Schole LLP acted as counsel to Thunder Bridge Acquisition, while Graubard Miller LLP acted as counsel to the underwriters.