Indie Semiconductor to go public through SPAC buyout deal that values company at $1.4 billion

Indie Semiconductor announced Tuesday an agreement to go public through a merger with special purpose acquisition company (SPAC) Thunder Bridge Acquisition II Ltd. , in a deal that values the combined company at about $1.4 billion. The deal provides up to $495 million in cash to the combined company. After the deal is completed, which is expected to occur in the first quarter of 2021, the company will be named indie Semiconductor Inc. and will be listed on the Nasdaq under the ticker symbol "INDI." Indie is an automotive chip and software company that focuses on sensors for advanced driver assistance systems, including LiDAR. Thunder Bridge went public as a SPAC on Oct. 4, 2019. The stock has gained 4.7% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.89% has gained 12.9%.

/zigman2/quotes/210599714/realtime

Add to watchlist SPX

S&P 500 Index

US : S&P US

3,951.57

+34.93 +0.89%

Volume: 0.00

March 20, 2023 5:16p