ACE Convergence Acquisition, a blank check company formed by ACE Equity Partners and industry veterans targeting a tech business, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Wilmington, DE-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of warrant, exercisable at $11.50 At the proposed deal size, ACE Convergence Acquisition would command a market value of $250 million.
The company is led by CEO and Chairman Behrooz Abdi, who currently serves as a Strategic Advisor at TDK and has experience from NetLogic, Qualcomm, and Motorola; and President Sunny Siu, who is co-founder and President of ProphetStor Data Services and previously co-founded RMI, which was acquired by NetLogic in 2009. Secretary Denis Tse is the CEO of ACE Equity Partners and the co-founder and President of its affiliate, Asia-IO Advisors. The company plans to target a business in the IT infrastructure software and semiconductor sector.
The Wilmington, DE-based company was founded in 2020 and plans to list on the Nasdaq under the symbol ACEV.U. ACE Convergence Acquisition filed confidentially on June 3, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
