ACE Convergence (NASDAQ:ACEV) announced this morning that its shareholders have approved its business combination with electronics manufacturer Tempo during a special meeting held on November 17.
The SPAC did not disclose redemption amounts, but shares of ACEV traded above its trust value of $10 throughout its redemption deadline November 15. ACEV’s share price has since come down and closed at $9.78 yesterday.
ACE has made several tweaks to the deal since its original announcement with the latest being a committed equity facility of up to $100 million with White Lion Capital earlier this week.
Back in March, ACE was able to secure up to an additional $100 million in committed equity financing from an affiliate of Cantor Fitzgerald. And, earlier this year, the SPAC secured $200 million in convertible notes financing from Oaktree Capital Management and an affiliate, replacing the $54 million originally destined for the post-combination company in the form of a senior debt facility, but Oaktree later terminated its subscription agreement of $175 million.
Nonetheless, the parties have now completed the transaction and the combined company will operate under the name “Tempo Automation Holdings, Inc.” Beginning on November 23, Tempo Automation’s common stock and warrants will trade on Nasdaq under the ticker symbols “TMPO” and “TMPOW”, respectively.
The parties initially announced their $936 million deal on October 14, 2021. San Francisco-based Tempo provides outsourced digital manufacturing services for electronics and other circuitry applications.
Tempo Automation’s experienced management team will continue to be led by Chief Executive Officer Joy Weiss and Chief Financial Officer Ryan Benton.
ADVISORS
- Citigroup Global Markets Inc. is acting as exclusive financial advisor to Tempo.
- Latham & Watkins LLP is acting as its legal counsel to Tempo.
- Jefferies LLC is exclusive financial advisor and capital markets advisor to ACE.
- Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal counsel to ACE.
- Citigroup Global Markets Inc. and Jefferies LLC acted as joint placement agents to ACE on the PIPE transaction.
- Paul Hastings LLP is acting as legal counsel to the placement agents.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....