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ACE Convergence Acquisition Corp. Prices $200M IPO


ACE Convergence Acquisition Corp. Prices $200M IPO

Jul 27, 2020 INTEL by Kristi Marvin

ACE Convergence Acquisition Corp. (ACEV.U), announced the pricing of their $200 million SPAC IPO this evening and the units are expected to begin trading tomorrow, July 28th, under the symbol NYSE: ACEV.U.

ACE Convergence Acquisition Corp. intends to focus on businesses in the IT infrastructure software and semiconductor sectors and will be led by Behrooz Abdi, as Chief Executive Officer and Chairman of the board of directors.

Total SPAC deal count for 2020 year-to-date is now 51 with $19.2 billion in gross proceeds raised. The offering is anticipated to close on Wednesday, July 30, 2020.

Cantor Fitzgerald & Co. is acting as sole book-running manager and Northland Securities, Inc. is serving as lead manager in the offering. Skadden, Arps, Slate, Meagher & Flom LLP and Ellenoff Grossman & Schole LLP, were issuer’s counsel and underwriter’s counsel, respectively. WithumSmith+Brown, PC, acted as auditor.