Item 8.01 Other Events.
On December 16, 2022, Thunder Bridge Capital Partners III, Inc. (the "Company")
held a special meeting of its stockholders (the "Meeting"). In connection with
the Meeting, as set forth in the Company's Current Report on Form 8-K filed with
the Securities and Exchange Commission on December 22, 2022, the holders of
40,302,259 shares of the Company's Class A common stock (the "Redeeming
Stockholders") properly exercised their right to redeem their shares for cash.
On December 30, 2022, an initial redemption payment was made by Continental
Stock Transfer & Trust Company ("CST"), as trustee of the trust account set up
at the time of the Company's initial public offering for the benefit of the
Company's public stockholders (the "Trust Account"), to the Redeeming
Stockholders at a rate of $10.10 per share and, on January 11, 2023, CST made an
additional redemption payment (the "Additional Payment") to the Redeeming
Stockholders at a rate of $0.02841302 per share, for a total redemption payment
per share of $10.12841302. It was later determined that the Company did not
withdraw all of the interest from the Trust Account that it was allowed to
withdraw to cover income and franchise taxes and, therefore, the Additional
Payment should have been $0.00157381 per share, for a total redemption payment
of $10.10157381 per share. This meant that the Redeeming Stockholders were
overpaid in the amount of $0.02683921 per share (the "Overpayment Amount").
The Redeeming Stockholders are in the process of being notified of this
situation and are being instructed to return the Overpayment Amount to CST.
Anyone with questions about the contents of this report, can reach out to CST at
spacredemptions@continentalstock.com.
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