Dzmitry Dzemidovich
Newly-publicized Tempo Automation (TMPO) stock surged as much as 36% on Wednesday following a merger with SPAC ACE Convergence (NASDAQ:ACEV).
Tempo shares opened at $9.10, falling as low as $7.57 before rallying to as high as $15.15 later in the year. morning. Shares recently changed hands at $9.75 around 2:30 p.m. ET, slightly below their pre-consolidation closing price of $9.78 on Tuesday.
Convergence of tempo and ACE announced merger plan in October 2021 through a deal estimating the combined equity value of the company at approximately $919 million. ACE shareholder approved the deal on November 17.
Headquartered in San Francisco, Tempo is a maker of software-accelerated electronics.
ACE was previously slated to merge with Achronis Semiconductor. The companies canceled the deal in mid-July last year, citing their inability to obtain some regulatory approvals in time for The closing date for the transaction is July 15, 2021.
