Thunder Bridge (TBRG) Announces Approval of Combination


Thunder Bridge (TBRG) Announces Approval of Combination

Jul 10, 2019 INTEL by Kristi Marvin

This afternoon, Thunder Bridge Acquisition Corp. (TBRG), announced the approval of their business combination with Repay Holdings. and the results of their shareholder vote.

Unfortunately, all we have so far are the vote counts, but hopefully we will be given additional information on the number of redemptions and the actual redemption price in a forthcoming press release or new filing.  As we all know by now, the number of redemptions is the crucial bit of information we all want and need since you can still vote “yes” and redeem the share for the pro rata amount in trust. Hence, the actual “vote” is sort of meaningless. There is no incentive to vote a deal down and have it liquidate since a liquidation would result in a shareholder losing their warrants. The better play if you don’t like a transaction is to just vote “yes”, redeem, AND keep the warrant. As a result, even though the Thunder Bridge/Repay transaction was overwhelmingly voted “yes” and the combination was approved, it is difficult to know what demand will look like post “de-SPACing” without knowing the redemption totals.

Nonetheless, Thunder Bridge did cross the finish line and we get to place another SPAC in the “completed” column and that deserves some recognition.  It ain’t easy.

We’ll update if further information becomes available, but you can read the 8-K HERE and a summary of both the combination and warrant proposal votes are provided below:

Business Combination Proposal
Warrant Amendment Proposal