Indie Semiconductor (INDI) Commences Warrant Exchange Offer

Indie Semiconductor (NASDAQ:INDI), which merged with Thunder Bridge II in June 2021, announced this morning that it has launched an exchange offer to convert each outstanding warrant to 0.285 Class A shares in the company.

At Indie’s last closing price of $6.22, this is $1.77 of value each, although the stock has been rising since the opening bell to about $6.78 as of this writing. Indie warrants (NASDAQ:INDIW) are meanwhile up over +52% to $1.91 this morning.

Thunder Bridge II included 1/2 warrants in its units and 27,399,887 of these remain outstanding. The exchange is expected to generate a total of 7,808,968 new Indie shares if all warrant holders accept, joining 153,171,121 existing shares.

Indie has solicited the consent of warrant holders in this matter and about 32% of outstanding warrants have already agreed to the exchange. Other holders have until midnight ET October 19 to do so, or their warrants will be automatically exchanged at a 10% discount to 0.2565 shares each, should the offer pass.

California-based Indie provides hardware and software solutions as a part of builds for both autonomous and electric vehicles. It initially announced its combination with Thunder Bridge II in December 2020.