Friday 25 November 2022

US-based electronics manufacturer Tempo Automation, Inc. has closed a merger with US-based IT-focussed special purpose acquisition company (SPAC) ACE Convergence Acquisition Corp. (NASDAQ: ACEV), to be renamed Tempo Automation Holdings, Inc. upon closing, the company said.

Shares of its common stock of Tempo Automation are expected to trade on The NASDAQ Stock Market, LLC under the ticker symbol TMPO.

Other financing comes from premier institutional investors and technology lenders including Point72 Ventures Investments, ACE Equity Partners (an affiliate of ACE's sponsor), Firsthand Funds, Lux Ventures, Structural Capital, and SQN Venture Partners.

The majority of the cash proceeds will be utilised to complete the acquisitions of Advanced Circuits, and Whizz concurrently with the closing of the business combination of Tempo with ACE.

The financing is further supported by an up to USD 95m backstop of potential redemptions by ACE shareholders, with up to USD 25m of such backstop provided by ACE Equity Partners and up to USD 70m provided by Structural Capital and SQN Venture Partners.

Citigroup Global Markets Inc. is acting as exclusive financial advisor to Tempo, and Latham and Watkins LLP is acting as its legal counsel.

Jefferies LLC is exclusive financial advisor and capital markets advisor to ACE, and Skadden, Arps, Slate, Meagher and Flom LLP is acting as its legal counsel.

Citigroup Global Markets Inc. and Jefferies LLC acted as joint placement agents to ACE on the PIPE transaction, and Paul Hastings LLP is acting as legal counsel to the placement agents.

Tempo Automation is a software-accelerated electronics manufacturer, transforming the way top companies innovate and bring new products to market. Tempo's unique automated manufacturing platform optimises the complex process of printed circuit board manufacturing to deliver quality, speed and agility.

ACE Convergence acquisition Corp. (NASDAQ: ACEV) is a USD 230m special purpose acquisition company focusing on industrial and enterprise IT and semiconductors.