US EMS provider secures up to $100 million in equity financing
EMS provider Tempo Automation and special purpose acquisition company ACE Convergence Acquisition, have entered into a committed equity facility with an affiliate of Cantor Fitzgerald.
Under the terms of the facility – after the proposed business combination between ACE and Tempo has closed – Cantor has committed to purchase up to an aggregate of USD 100 million of post-merger Tempo’s common stock from time to time at the request of post-merger Tempo.
This will provide Tempo with the ability to raise additional capital opportunistically in the future.
As previously reported, Tempo and ACE have entered into an agreement to merge. Once the proposed business combination is completed, the combined entity is expected to be renamed “Tempo Automation Holdings, Inc.” and and will go public on Nasdaq.