Indie Semiconductor continues to pull back after the merger of SPAC

Last week, the automotive software company Indie Semiconductor (NASDAQ: INDI) went public through a reverse merger with SPAC Thunder Bridge Acquisition II. The combined company’s balance sheet has $495 million in cash.

Presently, the shares of INDI are down 5.7% to $9.40, bringing the decline since its listing to approximately 12%.

Indie provides next-generation semiconductor and software solutions for the automotive technology market, including ADAS/autonomous driving, connectivity and user experience.

The SPAC merger was first announced in December last year.