ACE Convergence Acquisition Corp. and Tempo Automation, Inc. Announce Closing of Business Combination; Tempo Automation Holdings, Inc. to Trade on Nasdaq Under Ticker Symbols "TMPO" and “TMPOW”
23 Novembre 2022 - 2:00PM
Tempo Automation, Inc., a leading software-accelerated electronics
manufacturer, today announced that it completed its business
combination with ACE Convergence Acquisition Corp. (“ACE”) (Nasdaq:
ACEV), 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.
About Tempo Automation
Tempo Automation is a leading software-accelerated electronics
manufacturer, revolutionizing the way top companies innovate and
bring new products to market. Tempo's Accelerated Electronics
Manufacturing Platform optimizes the complex process of PCBA
manufacturing to deliver unmatched quality, speed and agility,
unlike any other low-volume manufacturer. The platform’s
all-digital process automation, data-driven intelligence, and
connected smart factory create a breakthrough competitive advantage
for customers. From rockets to robots, autonomous cars to drones,
many of the fastest-moving companies in industrial tech, medical
technology, space, and other industries partner with Tempo
Automation to accelerate innovation. Learn more at
tempoautomation.com.Forward Looking Statements
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties that could cause the actual results to differ
materially from the expected results. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
ability to implement business plans, forecasts, and other
expectations and identify and realize additional opportunities,
(ii) the impact of the global COVID-19 pandemic, (iii) the
enforceability of Tempo Automation’s intellectual property,
including its patents, and the potential infringement on the
intellectual property rights of others, (iv) cyber security risks
or potential breaches of data security, (v) the ability of Tempo
Automation to protect the intellectual property and confidential
information of its customers and (vi) the risk of downturns in the
highly competitive additive manufacturing industry. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
investors as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
definitive proxy statement/prospectus filed by ACE on November 1,
2022, and the other documents filed by Tempo Automation from time
to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Tempo Automation
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by securities and
other applicable laws. Tempo Automation does not give any assurance
that it will achieve its expectations.
Investor Relations Contact:
Mark Roberts
Mark@blueshirtgroup.com
tempoautomation@blueshirtgroup.com
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