Tempo Automation merges with S Korean SPAC ACE ConvergenceACE Convergence raised $230m in July 2020.

Tempo Automation, a US-based electronics manufacturer, has agreed to go public through a merger with ACE Convergence Acquisition, a special purpose acquisition company (SPAC) sponsored by Korean PE firm ACE Equity Partners.

ACE Convergence Acquisition is the first SPAC sponsored by a Korean manager. The blank check company raised $230 million in July 2020.