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In connection with the deal, Tempo Automation entered into a definitive merger agreement for a business combination with ACE Convergence Acquisition Corp. (NASDAQ: ACEV), a SPAC focused on the Industrial and Information Technology sectors. The combined operating entity will be renamed "Tempo Automation Holdings, Inc." and shares will be listed on Nasdaq under the ticker symbol "TMPO."
As part of the deal, CODI and the other selling shareholders will receive consideration of $310 million, comprised of $240 million in cash and $70 million in Tempo common stock. Based on Tempo stock price performance, they may receive $30 million in additional Tempo common stock within five years.
CODI anticipates using the proceeds to repay all or a portion of outstanding revolver borrowings and general corporate purposes.
CODI expects to close the Advanced Circuits transaction in Q1 of 2022.
Price Action: CODI shares are trading lower by 1.96% at $30.49, while ACEV is higher by 0.10% at $9.93 on the last check Thursday.
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