ACE Convergence Acquisition and merger partner Tempo Automation will ask the SPAC’s shareholders on Jan. 21 to extend the merger deadline from Jan. 30 to July 13.
In return, the SPAC’s sponsor will loan 3 cents a share to the ACE trust account each month up to $1.5 million.
The deal has a $919 million estimated post-transaction equity value.
As announced in October, the transaction is expected to provide $391 million in gross cash proceeds to the company.
Temp is a software-accelerated electronics manufacturer. Read more.
