ACE Convergence Acquisition Corp. (NASDAQ:ACEV) announced that it has secured up to $100 million in committed equity financing for its combination with electronics manufacturer Tempo Automation.
The new money comes from an affiliate of Cantor Fitzgerald, and will purchase up to an aggregate of $100 million of Tempo’s common stock from time to time post-merger. This facility allows Tempo the ability to raise additional capital in the future.
Earlier this year, ACE Convergence secured $200 million in convertible notes financing, replacing $54 million that was originally destined for the post-combination company in the form of a senior debt facility. The convertible notes are made up of $175 million from Oaktree Capital Management and $25 million from an ACE Convergence affiliate.
Although the notes are due in 2025 and hold a 13% interest rate per annum, to be paid semi-annually in a split of 8% cash and 5% in-kind, it helped cover the transaction’s $320 million minimum cash condition, removing any doubt of the deal’s completion.
The SPAC’s share price has been slowly grinding its way up and closed today at $10.04. Upon closing of the deal, 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 under the ticker symbol “TMPO”.
ACE Convergence initially announced its $936 million combination with Tempo on October 14. San Francisco-based Tempo provides outsourced digital manufacturing services for electronics and other circuitry applications.
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...