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.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
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...