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Blank check company Thunder Bridge Acquisition closes IPO

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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.