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indie Semiconductor Announces Proposed Convertible Senior Notes Offering and $50 million Repurchase Authorization
ALISO VIEJO, Calif.--(BUSINESS WIRE)-- indie Semiconductor, Inc. (“indie” or “we”) (NASDAQ: INDI), an Autotech solutions innovator, today announced that it
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":" ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (“indie” or “we”) (NASDAQ: INDI), an Autotech solutions innovator, today announced that it plans to offer, subject to market and other conditions, $125 million aggregate principal amount of its Convertible Senior Notes due 2027 (the “notes”) through a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). indie expects to grant the initial purchasers in the offering an option to purchase, exercisable within the 30-day period immediately following the pricing date of the offering, up to an additional $18.75 million aggregate principal amount of notes. indie also announced today that its Board of Directors has authorized the repurchase, from time to time, of up to $50 million of indie’s Class A common stock (the “common stock”) (inclusive of any concurrent repurchase of shares of common stock described below) and/or warrants to purchase common stock.\n\nThe notes will be senior unsecured obligations of indie, and interest on the notes will be payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2023. The notes will mature on November 15, 2027, unless earlier repurchased, redeemed or converted. In certain circumstances and during certain periods, the notes may be converted into cash, shares of common stock, or a combination of cash and shares of common stock, at indie’s election.\n\nindie expects to use a portion of the net proceeds from the notes offering for the concurrent repurchase of up to $25 million of common stock (the “concurrent repurchase”) and to use the remainder of the net proceeds from the offering for general corporate purposes, which may include additional repurchases of common stock and/or purchases of indie’s warrants to purchase common stock, as described below, and potential acquisitions.\n\nConcurrently with the pricing of the notes, indie expects to enter into privately negotiated transactions through one of the initial purchasers or its affiliate to effect the concurrent repurchase. These activities could increase (or reduce the size of any decrease in) the trading price of the common stock and may affect the initial terms of the notes, including the conversion price of the notes. ...