Achronix Semiconductor and ACE Convergence Acquisition today announced a mutual agreement to terminate their planned merger.
The proposed deal, announced in January 2021, was conditioned on the satisfaction of defined closing conditions, including obtaining necessary regulatory approvals within the timeframe contemplated by the agreement. The parties said they believe that they will not be able to complete the transaction by the July 15 deadline.
The deal reflected an implied equity value of the combined company of $2.1 billion. The combined company was to 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 the SPAC.
Neither party will be required to pay the other a termination fee. Read more.
