ACE Convergence (NASDAQ:ACEV) announced this afternoon that its target, electronics manufacturer Tempo Automation, has terminated its merger agreement with Compass Diversified Holdings (NYSE: CODI).
Concurrent with the business combination, Tempo had originally planned to acquire 100% of the issued and outstanding equity interests in Compass AC Holdings, Inc. and Whizz Systems, Inc., but Compass delivered a notice of termination of the merger to the company yesterday, July 28. Through the acquisition of Compass, Tempo had hoped to become more vertically integrated and accumulate more manufacturing data.
Nonetheless, ACE, Tempo Automation and Whizz will continue to pursue a potential business combination and expect to complete the merger in the third quarter of 2022.
The parties initially announced their $935 million deal on October 14, 2021. San Francisco-based Tempo provides outsourced digital manufacturing services for electronics and other circuitry applications.
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