Tempo Automation, Inc. Secures $200 Million Convertible Note Financing Led By Oaktree

Jan 19, 2022•over 3 years ago

Amount Raised

$200 Million

San Francisco

Description

Tempo Automation, (“Tempo” or the “Company”), a leading software-accelerated electronics manufacturer, and ACE Convergence Acquisition Corp. (“ACE”) (Nasdaq: ACEV), a special purpose acquisition company, announced today that the Company has secured an aggregate principle amount of $200 million from the issuance of 13.00% (per annum payable semi-annually, 8.00% in cash plus 5.00% in kind) Convertible Senior Notes due in 2025 (the “Notes”). The $200 million aggregate principal amount of the Notes consists of a $175 million investment from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global alternative investment management firm, and $25 million from an investment partner of ACE as a replacement for a previously announced investment, for a total of $175 million of new financing

Company Information

Company

Tempo Automation

Location

San Francisco, California, United States

About

Tempo is a leading software-accelerated electronics manufacturer, transforming the way top companies innovate and bring new products to market. Tempo’s unique automated manufacturing platform optimizes the complex process of printed circuit board manufacturing to deliver unmatched quality, speed and agility. The platform’s all-digital process automation, data-driven intelligence, and connected smart factory create a distinctive competitive advantage for customers—to deliver tomorrow’s products today. 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 to accelerate innovation and set a new tempo for progress. Learn more at tempoautomation.com.

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