ACE Convergence Acquisition in a regulatory filing said it has postponed Thursday’s shareholder vote on the proposed merger with Tempo Automation, a software-accelerated electronics manufacturer.
The SPAC in the filing said it needs more time to finalize financing for the deal, which has a $919 million estimated post-transaction equity value.
ACE said it would announce a new meeting date at a later time.
The SPAC has already disclosed multiple funding sources, including:
- $230 million from cash in trust by ACE, assuming no redemptions.
- $82 million fully committed PIPE anchored by Point72 Ventures Investments and ACE Equity Partners with participation from Firsthand Funds and Lux Capital.
- Tempo also has $200 million in convertible notes financing, most of it from Oaktree Capital.
In addition, the companies announced in March that they had acquired a $100 million equity facility for post-merger needs. The equity facility would be provided by an affiliate of Cantor Fitzgerald. Read more.
