Gary Simanson Makes an Encore Appearance with Thunder Bridge Acquisition, Ltd.
This is turning into a busy week for SPACs… Yesterday, May Day in fact, we saw Thunder Bridge Acquisition, Ltd., file their S-1 for a $200 million SPAC focusing on the financial services sector. Gary Simanson will be President, CEO and Director and if any of you recall, Gary led the 2006 SPAC, Community Bankers Acquisition Corp. Hard to say if that one was successful since almost immediately after they completed their acquisition, the world fell apart and the financial crisis hit community and regional banks hard. However, it should be noted that Community Bankers Acquisition Corp. was an $8.00 unit SPAC and it’s currently trading at $8.80 as of today’s close.
Monroe Capital LLC, a private credit asset management firm specializing in direct lending and opportunistic private credit investing, is backstopping the trust for $50 million with a right of first refusal to provide up to 51% of any necessary debt financing in connection with Thunder Bridge’s initial business combination.
Cantor Fitzgerald is bookrunner and CLSA is co-manager. However, I find the addition of CLSA odd. If you look at the underwriting section of the S-1, it says, “CLSA Limited is not a broker-dealer registered with the SEC and may not make sales in the United States or to U.S. persons. CLSA Limited has agreed that it does not intend to and will not offer or sell any of our units in the United States or to U.S. persons in connection with this offering.” It sounds like Thunder Bridge will be making a push to sell to international investors.
If you would like to check the IPO terms as of today’s filing, you can review the full profile here
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...