Financial Services-Focused SPAC, Thunder Bridge Acquisition, Ltd. to Begin Trading Tuesday
This marks the eighteenth SPAC for 2018 bringing the total SPAC IPO proceeds raised this year to $4.9 billion. Additionally, the pricings for LF Capital and Twelve Seas are not far behind and are expected to price later this week or next.
Congratulations to the Underwriters – Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. Chardan is acting as lead manager.
Summary of terms are as follows:
- Total Public Proceeds: $225 million
- Focus: Financial Services
- $10.00 unit comprised of one Class A Ordinary Share, one full Warrant
- Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 101% held in trust ($10.10 per share)
- 18 months to complete an acquisition
- Limitation on redemption rights: a shareholder can redeem no more than 15% of the shares sold in the offering.