ACE Convergence (NASDAQ:ACEV) announced this afternoon that it has secured a committed equity facility of up to $100 million with White Lion Capital.
Under the terms of the facility, White Lion Capital has committed to purchase up to an aggregate of $100 million in the post-closing combined company’s common shares from time to time after the completion of the business combination between electronics manufacturer Tempo Automation and ACE at the request of the post-closing combined company.
Today’s facility is expected to provide Tempo with the ability to raise additional capital in the future, subject to certain limitations and conditions.
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.
The SPAC held a special meeting to vote on its business combination with Tempo on November 17, but as of now, the deal has not yet closed. However, the parties stated in today’s press release that they expect to wrap things up by the end of November.
Upon the closing of the business combination, the combined entity is expected to be renamed “Tempo Automation Holdings, Inc.” and shares of its common stock are expected to trade on The Nasdaq Stock Market LLC under the ticker symbol “TMPO.”
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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