ACE Convergence Acquisition in a regulatory filing included an analyst poresentation highlighting its proposed merger with Tempo Automation, an electronics manufacturer specializing in automated manufacturing of printed circuit boards.
As announced in October, the transaction is expected to provide $391 million in gross cash proceeds to Tempo, including the SPAC’s $230 million cash in trust, less any redemptions.
Concurrent with the transaction, Tempo also plans two separate acquisitions. Tempo has entered into a definitive agreement to acquire Compass Diversified’s equity interests in subsidiary Compass AC Holdings, which is the parent company of Advanced Circuits.
Additionally, Tempo intends to acquire Whizz, a provider of electronics product design, development and manufacturing services, privately held and based in San Jose, CA.
ACE and Tempo announced lat week they had secured a post-merger equity facility of $100 million. The SPAC also has $200 million of convertible note financing in place. Read more.
