Tempo Automation, a software-accelerated electronics manufacturer, today announced that it completed its business combination with ACE Convergence Acquisition. ACE’s shareholders approved the business combination Nov. 17.
Tempo Automation Holdings shares and warrants began trading today on the Nasdaq under the ticker symbols “TMPO” and “TMPOW”, respectively.
Post-closing, Tempo secured up to $100M in committed equity financing with White Lion Capital.
Getting this deal across the finish line has been a challenge. Redemptions ahead of deadline extension votes in January and July 2022 wiped out 82.85% of the SPAC’s cash in trust. ACE was down to about $40.5 million in trust as of September. There was no word on whether any additional redemptions had further eroded the trust ahead of last week’s merger vote.
Ace last month disclosed in a regulatory filing that PIPE investor Oaktree had terminated a $175 million investment. Read more.
