(Bloomberg) — Indie Semiconductor Inc. has been exploring strategic options including a sale, people with knowledge of the matter said.
Most Read from Bloomberg
The automotive technology company has been working with an adviser as it fields interest from prospective buyers, according to the people, who asked not to be identified discussing confidential information. Indie Semiconductor could attract interest from industry players and possibly private equity firms, they said.
Shares in Indie Semiconductor rose as much as 16% on Monday for their biggest intraday gain in more than six months. The stock was up 8% to $7.20 at 2:01 p.m. in New York, giving the company a market value of about $1.36 billion.
There’s no certainty the deliberations will lead to a transaction, and Indie Semiconductor could opt to remain independent, the people said. A representative for Indie Semiconductor didn’t immediately respond to requests for comment.
The company, based in Aliso Viejo, California, makes semiconductor and software for driver assistance systems and autonomous vehicles. It went public in 2020 through a merger with the blank-check company Thunder Bridge Acquisition II Ltd.
Indie Semiconductor, which has not become profitable, has lost more than a quarter of its value over the last 12 months. Net losses at the company widened to about $128 million in 2023, results for the period show.
Last year, the company acquired GEO Semiconductor Inc., which makes video processors for car cameras.
–With assistance from Katie Roof and Crystal Tse.
(Updates with share price in third paragraph, net loss in sixth.)
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
