ACE Convergence Acquisition called an Oct. 11 meeting for shareholders to vote on extending the SPAC’s merger deadline with Tempo Automation until Jan. 30, or about 3 1/2 extrra months.
The SPAC and Tempo are working with financing parties to revise and finalize the financing arrangements, according to the filing.
Getting this deal across the finish line has been a struggle. Redemptions ahead of deadline extension votes in January and July 2022 wiped out 82.85% of the SPAC’s cash in trust. ACE is down to about $40.5 million in trust. Ace last month disclosed in a regulatory filing that PIPE investor Oaktree had terminated a $175 million investment.
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 in October 2021, the deal had a $919 million estimated post-transaction equity value.
Tempo is a software-accelerated electronics manufacturer. Read more.
