Thunder Bridge Acquisition II, LTD
THBR · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Thunder Bridge (Simanson Gary A), listed on Nasdaq in August 2019.
- What it's doing now
- It agreed to buy indie Semiconductor (Ay Dee Kay LLC), an Automotive semiconductor company company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- indie Semiconductor (Ay Dee Kay LLC)
- Industry
- Automotive semiconductor company
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 9 August 2019
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 9912 GEORGETOWN PIKE SUITE D203, GREAT FALLS, VA, 22066
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Wu John (Chief Investment Officer) · PAPERIN STEWART J (Director) · Simanson Gary A (Chief Executive Officer)
- Listed securities
- THBR common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 9 August 2019IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedAutomotive semiconductorpost-close INDISEC primary
The score
deterministic, from filed fieldsTHBR is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Thunder Bridge Acquisition II, LTD was a blank-check company whose common ticker THBR was listed on the Nasdaq Stock Market. The company priced its initial public offering on August 9, 2019, according to a 424B prospectus. Its lifecycle is closed: it completed a business combination and the vehicle no longer files. The closing is established by Form 25 filed on June 10, 2021, under 17 CFR 240.12d2-2(a)(3), covering its Class A Ordinary Shares, Warrants, and Units, which came to evidence other securities in substitution therefor. The successor registrant, indie Semiconductor, Inc. (INDI), filed an 8-K carrying item 2.01 (Completion of Acquisition) naming Thunder Bridge Acquisition II LTD, meaning the SPAC merged into a new registrant and filed no closing report of its own.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The registered amounts are blank on this cover, so this version sets no dilution ceiling, and no meeting or mailing date is fixed either. The registrant of the securities is a newly formed Delaware entity, Thunder Bridge II Surviving Pubco, Inc., rather than the SPAC itself, so the securities being registered are the new holding company's. The operative instrument is a Master Transactions Agreement rather than a merger agreement, which usually signals a multi-party, multi-step structure.
As with the amendment that follows, no registered amounts, meeting date or mailing date are fixed by this version. The securities registered belong to a newly formed Delaware holding company rather than to the SPAC. The Cayman-to-Delaware continuation is a step that completes simultaneously with closing rather than in advance of it, so it does not create a separate earlier deadline.
The registrant is the newly formed Delaware holding company, not the Cayman SPAC — which matters because the securities registered are the holding company's and the post-closing shareholder rights will be governed by Delaware law. The asterisk on the jurisdiction flags a footnote not reached here. No deal term should be attributed to this filing.
A deal is on the table: a Master Transactions Agreement signed December 14, 2020 to combine with indie Semiconductor. That explains the jump in accrued expenses and the first sponsor note. No substantial-doubt language is asserted; management says available cash is sufficient only to operate until August 13, 2021, which is also the hard business-combination deadline, so the runway and the deadline are the same date. Trust equates to roughly $10.13 per public share, above the $10.00 IPO price.
This is the baseline of the registration statement, and the registrant is the newly formed Delaware holding company rather than the Cayman SPAC — the securities registered are the holding company's, and Delaware law will govern shareholder rights after closing. No deal term should be attributed to this filing beyond the registrant's identity.
MD&A states nine-month net income of $1,752,792 while the cash-flow statement and the arithmetic (interest $2,113,474 less costs $540,682) both give $1,572,792 - transposed digits inside one document. Unlike most 2019-20 shells, Thunder Bridge II holds the $5,000,001 floor by moving share COUNT out of temporary equity rather than by discounting the price, so its $10.13 carrying value equals trust per share. The trust figure is as of September 30, 2020, and the sponsor is now funding operations.
Show 5 more material filings
The trust holds $345,867,168 against the 34,500,000 units sold at $10.00, so it is funded at $10.02 per public share including the $867,168 unrealized gain, while redemption value is carried at approximately $10.03. With $944,979 of cash outside the trust, no sponsor debt and $25,353 of payables, the shell was fully self-funded at its first reporting date. The $12,075,000 deferred underwriting fee is payable only on a closing.
From October 4, 2019 the Class A share and the warrant carry independent quotes, so the share can be priced against trust value rather than only as part of a bundled unit. The over-allotment having been exercised in full means the public share count is settled at 34,500,000 with no further increase from that option, and the one-half warrant ratio caps public warrants at 17,250,000 whole warrants.
A $345 million trust at $10.00 per share with $12,075,000 of deferred underwriting — 3.5% of the offering — and no other liabilities on the balance sheet.
The governing documents any redemption or extension vote will run under, adopted before pricing. The extracted text covers the memorandum and the articles' definitions; the redemption and business-combination articles are not reproduced here.
This is the tier's baseline case and it is worth having on the record as measured rather than assumed: half a warrant per unit, $11.50, a $0.01 call on 30 days' notice once the last sale price holds at or above $18.00 for 20 of 30 trading days ending three trading days before the notice, 24 months, $0.35 deferred. The adjustment clause is present too - the $18.00 is subject to share splits, capitalisations, RIGHTS ISSUANCES and subdivisions, so it is a starting value rather than a constant.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
- What changed vs 2020-11-13trust $349.6M → $349.6M +0%
trust account, combination deadline, sponsor loans outstanding +11 moved · 3 with no prior record of ours
- Trust account
- $349.6M$349.6M
- Combination deadline
- 2021-08-13 · unchanged
- Sponsor loans outstanding
- $200Knot matched in this filing
- Redeemable shares
- 32.9Mnot matched in this filing
SpacBrain reads this as $17,433 was added to the trust between the two filings.
The clause …“current assets 168,791 193,025 Other assets Cash and marketable securities held in Trust Account 349,591,759 349,583,138 Total assets $ 349,760,550 $ 349,776,163 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts”…
The clause …“agreement in connection with the Business Combination. The Company will have until August 13, 2021 to consummate a Business Combination (the “Combination Period”). If the Company has not completed a Business Combination within 24”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 2/3 resolved vehicles closed a deal (67%); 1 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty.
Mixed record · medium confidence
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001213900-21-026542
Trading & liquidity
Company profile
Directors & officers
- Wu JohnChief Investment Officer
- PAPERIN STEWART JDirector
- Simanson Gary AChief Executive Officer
- Hartheimer Robert HermanDirector
- Stikker Allerd D.Director
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
7 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Thunder Bridge Acquisition II LLCwith 1 other reporting person on the same schedule20.2% · SC 13GFeb 7, 2020 stale
- MANULIFE FINANCIAL CORPwith 1 other reporting person on the same schedule5.5% · SC 13G/AFeb 3, 2021 stale
- HGC Investment Management Inc.5.3% · SC 13GFeb 14, 2020 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 4 other reporting persons on the same schedule2.4% · SC 13G/AFeb 8, 2021 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule1.5% · SC 13G/AJan 29, 2021 stale
- Magnetar Financial LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 12, 2021 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/AFeb 11, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — THBR (Thunder Bridge Acquisition II, LTD)
vault-note · /vault/tickers/THBR
- Vault deal note — indie Semiconductor (Ay Dee Kay LLC) (THBR)
vault-note · /vault/deals/indie-semiconductor-ay-dee-kay-llc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-19-015119 priced 2019-08-09; common ticker THBR off 8-K 0001213900-21-031691 (2021-06-09); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-21-000642 (2021-06-10) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Ordinary Shares, Warrants, and Units); the successor registrant indie Semiconductor, Inc. (INDI) (CIK 0001841925) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Thunder Bridge Acquisition II LTD" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Thunder Bridge Acquisition II LLC" (SEC CIK 0001769317) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-19-015020.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read