Ace Acquisition in a preliminary proxy laid out its case to shareholders for a deadline extension from Oct. 13 until Jan. 30, 2023.
Earlier this month Ace disclosed in a regulatory filing that PIPE investor Oaktree had terminated a $175 million investment in the SPAC. The funds were expected to support the proposed merger of Ace Convergence and Tempo Automation. Tempo is a software-accelerated electronics manufacturer.
ACE sought a deadline extension in June and in July announced 2 million incentive shares available to PIPE investors who stayed in the deal. A vote on the merger was postponed in May.
The Ace trust is down to about $40 million in the wake of redemptions following the last two deadline extension votes. The SPAC still has a $25 million PIPE from a sponsor affiliate, as well as a $100 million commitment from Cantor Fitzgerald to purchase shares following the Tempo deal closing.
The deal with Tempo has a minimum cash condition of $320 million.
At announcement, the deal had a $919 million estimated post-transaction equity value. Read more.
