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Achronix Semiconductor has appointed Mahesh Karanth as the new Chief Financial Officer, succeeding Howard Brodsky, who retired after 16 years in the role. Karanth brings over 30 years of financial experience, including his recent role as CFO of Rockley Photonics. His expertise encompasses IPOs, mergers, and investor relations, aligning with Achronix's goals for growth in high-performance FPGA and eFPGA solutions. Karanth's leadership will include oversight of finance, HR, and business operations, as Achronix aims to leverage its unique position in the semiconductor market for further expansion.
Tempo Automation, a leader in software-accelerated electronics manufacturing, held a financial analyst day on September 14, 2022, discussing its long-term strategy and the proposed business combination with ACE Convergence Acquisition Corp. (NASDAQ: ACEV). Management reiterated that they expect the transaction to close in Q4 2022. The updated investor presentation is available on Tempo Automation's Investor Relations site and the SEC. This proposal aims to enhance Tempo's position in the rapidly evolving electronics sector.
Tempo Automation will participate in the 34th Annual Roth Conference on March 15, 2022, at 9:00 AM PT in Dana Point, CA. CEO Joy Weiss and CFO Ryan Benton will engage in one-on-one and small group meetings, alongside thematic industry panels and presentations from approximately 400 companies. Tempo is also set to merge with ACE Convergence Acquisition Corp. (ACEV), aiming to be renamed 'Tempo Automation Holdings, Inc.' post-transaction. The merger is subject to shareholder approvals and customary closing conditions.
Tempo Automation and ACE Convergence Acquisition Corp. (ACEV) announced the issuance of $200 million in Convertible Senior Notes, with an interest rate of 13% due in 2025. This includes $175 million from Oaktree Capital and $25 million from an ACE investment partner. The financing aims to support their Proposed Business Combination, expected to close in Q1 or Q2 2022, subject to approvals. Following the merger, the combined entity will be named "Tempo Automation Holdings, Inc." and trade as TMPO on Nasdaq, with anticipated total proceeds exceeding $500 million.
ACE Convergence Acquisition Corp. (ACEV) has proposed an extension to complete its business combination with Tempo Automation from January 30, 2022, to July 13, 2022. The proposal will be voted on at the annual shareholders' meeting on January 21, 2022. If approved, ACE's sponsor will loan $0.03 per non-redeemed share monthly, up to $1.5 million, enhancing the conversion amount to approximately $10.07 per share. The merger, announced on October 14, 2021, is anticipated to close in Q1 or Q2 2022, pending regulatory and shareholder approvals.
Tempo Automation, a leader in software-driven electronics manufacturing, announced its participation in CJS Securities 22nd Annual New Ideas for the New Year Conference on January 12, 2022. CEO Joy Weiss and CFO Ryan Benton will present at 3:45 PM Eastern Time and hold one-on-one investor meetings.
The company is also merging with ACE Convergence Acquisition Corp. (ACEV), aiming to rename as Tempo Automation Holdings, Inc. and list under TMPO on Nasdaq post-merger. This merger is subject to customary closing conditions, with significant potential to enhance Tempo’s market position.
Tempo Automation has announced a definitive merger agreement with ACE Convergence Acquisition Corp. (NASDAQ: ACEV), creating a new entity named Tempo Automation Holdings, Inc., expected to trade under the ticker symbol TMPO. The combined company is projected to have an equity value of approximately
Achronix Semiconductor Corporation and ACE Convergence Acquisition Corp. have mutually agreed to terminate their merger agreement effective immediately. This decision comes as both parties recognized they would not meet the regulatory approval deadline by July 15, 2021. Achronix remains confident in its strong financial position and the growing FPGA market, projected to reach $10 billion by 2025, while ACE refocuses on identifying a new business combination opportunity in the IT sector. Neither party will incur a termination fee.
Achronix Semiconductor Corporation announced participation in two upcoming virtual conferences: the Needham Technology & Media Conference on May 18 at 11:15 a.m. PT and the J.P. Morgan Technology, Media & Communications Conference on May 26 at 8:10 a.m. PT. Additionally, Achronix is set to merge with ACE Convergence Acquisition Corp. (Nasdaq: ACEV), expected to close in Q2 2021, leading to the combined entity being named Achronix Semiconductor Corporation and listed under the new ticker symbol ACHX. Achronix specializes in high-performance FPGA solutions for various applications.
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