Tempo Automation secures up to $100 million in financing
Electronics manufacturer Tempo Automation and and ACE Convergence Acquisition Corp. (ACE) have entered into a committed equity facility with White Lion Capital.
Under the terms of the facility, White Lion Capital has committed to purchase up to an aggregate of USD 100 million in common shares in the combined Tempo/ACE company. This will happen from time to time after the consummation of the business combination between the companies.
As previously reported, Tempo and ACE plan to merge. Upon the closing of the proposed business combination, the combined entity is expected to be renamed “Tempo Automation Holdings, Inc.” and shares of its common stock are expected to trade on Nasdaq. Tempo and ACE currently expect the transaction to be closed by the end of November 2022.