Tempo Automation Secures Up To $100M in Committed Equity Financing with White Lion Capital
SAN FRANCISCO, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Tempo Automation (“Tempo”), a leading software-accelerated electronics manufacturer, and ACE Convergence Acquisition Corp. (“ACE”) a special purpose acquisition company focusing on industrial and enterprise IT, have entered into a committed equity facility with White Lion Capital, LLC (“White Lion Capital”). Under the terms of the facility, White Lion Capital has committed to purchase up to an aggregate of $100 million in the post-closing combined company’s common shares from time to time after the consummation of the previously announced business combination between Tempo and ACE at the request of the post-closing combined company. This facility will provide Tempo with the ability to raise additional capital in the future, subject to certain limitations and conditions.
As previously announced, Tempo and ACE have entered into an amended and restated agreement and plan of merger relating to the proposed business combination. Upon the closing of the proposed business combination, 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 currently expect the transaction to be closed, subject to respective shareholder approvals, by the end of November 2022.
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