This afternoon, Repay Holdings Corporation (Nasdaq: RPAY), which was the combination company of Thunder Bridge Acquisition Corp., announced they will be redeeming all of their public warrants that remain outstanding at 5:00 p.m. New York City time on July 27, 2020 (the “Redemption Date”) and are requiring a cash exercise.
If you recall, at the business combination vote, warrant holders, which originally owned one full warrant, approved the proposal to receive $1.50 and keep just one quarter of their originally warrant. Today’s warrant call is to clean up the remaining SPAC warrants.
As such, warrants may only be exercised for cash. Each Warrant entitles the holder thereof to purchase one-quarter of one share of Class A Common Stock at an exercise price of $2.875 per quarter share. Pursuant to the Warrant Agreement, a holder must exercise its Warrants only for a whole number of shares of Common Stock at a price of $11.50 per whole share and, as a result, a holder must exercise its Warrants in multiples of four.
Any public warrants that remain unexercised following 5:00 p.m. New York City time on July 27, 2020 will be void and no longer exercisable, and the holders of those public warrants will be entitled to receive only the redemption price of $0.01 per warrant.