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SPAC, special purpose acquisition company symbol. Word

Dzmitry Dzemidovich

Newly public Tempo Automation (TMPO) stock rallied as much as 36% Wednesday following its merger with SPAC ACE Convergence (NASDAQ:ACEV).

Shares of Tempo opened at $9.10, slipping to a low of $7.57 before jumping to a high of $15.15 in late morning. The stock recently changed hands at $9.75 at approximately 2:30 p.m. ET, marginally lower than its pre-merger closing price of $9.78 on Tuesday.

Tempo and ACE Convergence announced plans to merge in October 2021 through a deal that estimated the combined equity value of the company at around $919M. ACE shareholders approved the deal on Nov. 17.

Based in San Francisco, Tempo is a software-accelerated electronics manufacturer.

ACE had been previously slated to merge with Achronix Semiconductor. The companies called off the deal in mid-July of last year, citing their inability to obtain certain regulatory approvals in time for the deal’s closing deadline of July 15, 2021.

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