IPOs

Tech SPAC ACE Convergence Acquisition prices $200 million IPO at $10

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.

The article Tech SPAC ACE Convergence Acquisition prices $200 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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