ACE Convergence Acquisition Corp. and Tempo Automation, Inc. Announce Closing of Business Combination
24 November 2022
Tempo Automation, Inc., a leading software-accelerated electronics manufacturer, today announced that it completed its business combination with ACE Convergence Acquisition Corp., a special purpose acquisition company traded on Nasdaq. ACE’s shareholders approved the business combination at an extraordinary general meeting held on November 17, 2022.
Following the merger, the combined company will operate under the name “Tempo Automation Holdings, Inc.” (“Tempo Automation”). Beginning on November 23, 2022, Tempo Automation’s common stock and warrants will trade on Nasdaq under the ticker symbols “TMPO” and “TMPOW”, respectively.
Tempo Automation’s experienced management team will continue to be led by Chief Executive Officer Joy Weiss and Chief Financial Officer Ryan Benton. Ms. Weiss commented, “We are excited to begin our journey as a publicly traded company and continue executing on our vision of building the preeminent electronics manufacturer serving the approximately $290 billion U.S. prototype and on-demand manufacturing market.”
“It’s been an honor helping Tempo Automation on their path to becoming a publicly traded company, where they can leverage the public market capital to scale, and realize their vision of becoming the leader in the software driven PCB Prototyping industry,” said Behrooz Abdi, Chairman and CEO of ACE and incoming Chairman of the Board of Tempo Automation.