ACE Convergence Acquisition Corp. (ACEV) Shareholders Approve Tempo Deal
by Marlena Haddad on 2022-11-23 at 8:51am

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.
ACE Convergence Acquisition Corp. (ACEV) Shareholders Approve Tempo Deal
Recent Posts
by Nicholas Alan Clayton on 2025-06-30 at 9:04pm

NMP Acquisition Corp. (NASDAQ:NMPAU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NMPAU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company that has a resilient business model with potential to scale up revenue. NMP’s management...

by Nicholas Alan Clayton on 2025-06-30 at 5:10pm

Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...

by Nicholas Alan Clayton on 2025-06-30 at 4:57pm

Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...

by Nicholas Alan Clayton on 2025-06-30 at 3:49pm

After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...

by Nicholas Alan Clayton on 2025-06-30 at 1:15pm

Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved