Achronix Semiconductor and ACE Convergence Acquisition announced that they have entered into a definitive agreement for a business combination. Upon closing, the combined operating entity will be named Achronix Semiconductor and will list on the Nasdaq under ACHX.
The transaction reflects an implied equity value of the combined company of $2.1 billion, based on current assumptions, with a $10 per share PIPE financing subscription price. Upon closing, the combined company will receive up to $330 million in cash, comprised of $150 million from a concurrent PIPE financing and up to $230 million in cash held in trust by ACE, assuming no redemptions by ACE shareholders, less $50 million paid to Achronix’s existing shareholders. Read more.
