ACE Convergence Acquisition Corp. (“ACE”), a special purpose acquisition company focusing on industrial and enterprise IT, and Tempo Automation, (“Tempo”), a leading software-accelerated electronics manufacturer, announced today that on January 13, 2022, ACE filed a supplement to its proxy statement dated December 15, 2021, wherein ACE announced a proposal to extend the date by which ACE must consummate its initial business combination (the “Extension”) from January 30, 2022, to July 13, 2022, which proposal is expected to be presented at ACE’s annual general meeting of shareholders on January 21, 2022 (link).
In connection with the proposed Extension, ACE announced that its sponsor, ACE Convergence Acquisition LLC (the “Sponsor”), has agreed that, if the Extension is approved, it will contribute to ACE as a loan $0.03 for each Class A ordinary share of ACE that is not redeemed in connection with the shareholder vote to approve the Extension for each month (or a pro rata portion thereof if less than a month) until the earlier of (i) the date of the extraordinary general meeting to be held in connection with the shareholder vote to approve the business combination between ACE and Tempo and (ii) $1.5 million has been loaned. The amounts loaned will be placed in the trust account established in connection with ACE’s initial public offering. If the Extension is completed, and the Sponsor makes contributions totaling the full $1.5 million, the conversion amount per share at the meeting for the proposed business combination or ACE’s subsequent liquidation will be approximately $10.07 per share, in comparison to the current conversion amount of approximately $10.00 per share.
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As previously announced on October 14, 2021, Tempo and ACE, along with ACE’s Convergence Subsidiary Corp., entered into an agreement and plan of merger relating to their proposed business combination. Upon the closing of such transaction, which is subject to the satisfaction or waiver of the conditions stated in the merger agreement and other customary closing conditions, 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 Stock Market LLC (“Nasdaq”) under the ticker symbol “TMPO”. Tempo and ACE’s currently expect the transaction to be closed, subject to respective shareholder approvals, in Q1 or Q2 2022.
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