Rolling Thunder…Thunder Bridge Acquisition II Debuts $300 Million SPAC
by Kristi Marvin on 2019-07-17 at 11:06pm

If the closing of the first Thunder Bridge was the crack of lightning, tonight we got the thunder… Earlier this evening, we had the debut of Thunder Bridge Acquisition II, Ltd. (THBRU), a new $300 million IPO focused on the financial services and fintech sectors.

Once again, Gary Simanson will be leading the Thunder Bridge team in the role of President, CEO and Director, while much of the original team from Thunder Bridge I, will also be back for the second deal.  Team members from Thunder Bridge I, who are back for number II, include: William Houlihan (CFO), John Wu (CIO), Mary Anne Gillespie (Director Nominee), Robert Hartheimer (Director Nominee), Stewart Paperin (Director Nominee) and Allerd D. Stikker (Director Nominee).  If it ain’t broke…

Interestingly, even though Thunder Bridge I recently completed a very successful combination, they’re not over-reaching for a 1/3 of a warrant, but instead are going for a 1/2 warrant after having a full warrant in their first SPAC. Ironically, Thunder Bridge II is debuting on the same night Conyers Park II is pricing with a 1/4 warrant, so SPAC investors will especially appreciate these warrant terms.  Plus, Thunder Bridge II is also showing 24 months duration, 100% in trust, and a Crescent Term with a threshold of $9.50. The $9.50 price feels generous since most SPACs have gone with a threshold of $9.20, but if you’re a strong team, why not go with $9.50?  It’s either confidence or being concilliatory (or maybe both), but no matter what the reason, investors get the benefit. All told, these terms feel right on the money.

Additionally, in a surprise twist, we have Morgan Stanley on the cover as left lead underwriter  If you recall, Morgan Stanley recently hired Goldman’s head SPAC banker, signaling MS was ready to get real serious about getting more involved in the SPAC landscape and while Mr. Schachter is still on garden leave, you can be sure Thunder Bridge II is the inaugural deal of a new SPAC era for Morgan Stanley. Competition is definitely going to heat up. Cantor is back as well, albeit, to the right this time, but Cantor has the deep well of SPAC underwriting experience, so between the two (MS and Cantor) this looks like a great book-running team.

On the whole, there should be tremendous demand for this SPAC given the recent success of Thunder Bridge I and the accurately priced terms.  Look for this one to price early August.

Summary of terms below:

Thunder Bridge II

Rolling Thunder…Thunder Bridge Acquisition II Debuts $300 Million SPAC
Recent Posts
by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved