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indie Semiconductor Announces Expiration and Results of Exchange Offer and Consent Solicitation Relating to its Warrants
ALISO VIEJO, Calif.--(BUSINESS WIRE)-- indie Semiconductor, Inc. (NASDAQ: INDI) (“indie” or the “Company”), an Autotech solutions innovator, today announced
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":" ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (NASDAQ: INDI) (“indie” or the “Company”), an Autotech solutions innovator, today announced the expiration and results of its previously announced exchange offer (the “Exchange Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants to purchase shares of Class A common stock of the Company, par value $0.0001 per share (the “Class A common stock”), which warrants trade on The Nasdaq Capital Market under the symbol “INDIW” (the “public warrants”), and (ii) private placement warrants to purchase shares of Class A common stock (the “private placement warrants” and, together with the public warrants, the “warrants”). The Exchange Offer and Consent Solicitation expired at 11:59 p.m, Eastern Time, on October 20, 2023.\n\n\nindie has been advised that 24,596,363 Warrants, or approximately 89.8% of the outstanding Warrants, were validly tendered and not validly withdrawn prior to the expiration of the Exchange Offer and Consent Solicitation. indie expects to accept all validly tendered warrants for exchange and settlement on or before October 25, 2023.\n\n\nIn addition, pursuant to the Consent Solicitation, the Company received the approval of approximately 89.8% of the outstanding Warrants to the amendment to the warrant agreement governing the warrants (the “Amendment No. 2”), which exceeds a majority of the outstanding Warrants required to effect the Amendment No. 2. Amendment No. 2 would permit the Company to require that each Warrant that is outstanding upon settlement of the Exchange Offer be converted into 0.2565 shares of Class A common stock, which is a ratio 10% less than the exchange ratio applicable to the Exchange Offer.\n\n\nindie expects to execute Amendment No. 2 concurrently with the settlement of the Exchange Offer, and thereafter, expects to exercise its right in accordance with the terms of Amendment No. 2, to exchange all remaining untendered Warrants for shares of Class A common stock, following which, no Warrants will remain outstanding.\n\n\nThe Company engaged BofA Securities as the dealer manager for the Offer and Consent Solicitation, D.F. King & Co., Inc. as the information agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company served as the exchange age...