ACE Convergence Acquisition, a blank check company formed by ACE Equity Partners and industry veterans targeting a tech business, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At pricing, ACE Convergence Acquisition commands 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 the 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.
ACE Convergence Acquisition plans to list on the Nasdaq under the symbol ACEV.U. Cantor Fitzgerald acted as a lead manager on the deal.
