ACE Convergence Acquisition Corp. (NASDAQ:ACEV) announced that it has secured up to $100 million in committed equity financing for its combination with electronics manufacturer Tempo Automation.
The new money comes from an affiliate of Cantor Fitzgerald, and will purchase up to an aggregate of $100 million of Tempo’s common stock from time to time post-merger. This facility allows Tempo the ability to raise additional capital in the future.
Earlier this year, ACE Convergence secured $200 million in convertible notes financing, replacing $54 million that was originally destined for the post-combination company in the form of a senior debt facility. The convertible notes are made up of $175 million from Oaktree Capital Management and $25 million from an ACE Convergence affiliate.
Although the notes are due in 2025 and hold a 13% interest rate per annum, to be paid semi-annually in a split of 8% cash and 5% in-kind, it helped cover the transaction’s $320 million minimum cash condition, removing any doubt of the deal’s completion.
The SPAC’s share price has been slowly grinding its way up and closed today at $10.04. Upon closing of the deal, the combined entity is expected to be renamed “Tempo Automation Holdings, Inc.” and shares of its common stock are expected to trade on the Nasdaq under the ticker symbol “TMPO”.
ACE Convergence initially announced its $936 million combination with Tempo on October 14. San Francisco-based Tempo provides outsourced digital manufacturing services for electronics and other circuitry applications.
Pelican Acquisition Corp. (NASDAQ:PELIU) announced the pricing of its $75 million IPO and its units began trading on the Nasdaq under the symbol “PELIU”, Friday, May 23, 2025. The new SPAC aims to combine with a technology company with a defensible market position that would benefit from being publicly traded in the US. Pelican’s management...
Cohen Circle II (NASDAQ:CCIIU) has filed for a $220 million SPAC marking the second wave of the Betsy Cohen team’s return to the market in the burgeoning 2024/2025 cycle. The new SPAC brings slightly less warrant coverage than its predecessor Cohen Circle I (NASDAQ:CCIR) with a 1/4 warrant in each of its units as opposed...
A Paradise (NASDAQ:APADU) has filed for a $200 million SPAC to get a fresh Asia-focused vehicle on the road with a leader that has steered several SPACs before. The new SPAC continues underwriter Cohen & Company’s warpath as its 15th SPAC put on file this year, with the firm’s 12th SPAC IPO debut set for...
On this week’s SPACInsider REPLAY, we revisit a 2022 conversation with Harry Sloan of the Eagle SPACs. At the time, Harry had already completed seven SPACs and was closing in on his eighth. As markets cooled and the SPAC boom waned, Harry offered a prescient take on where the market was headed—and what a “post-boom”...
At the SPAC of Dawn Betsy Cohen’s team is back with a new S-1 filing for Cohen Circle II (NASDAQ:CCIIU). The filing is good news for the health of the SPAC market as it represents something of a second wave of SPACs by the serial sponsor teams. Cohen Circle I (NASDAQ:CCIR) listed in October 2024...