Achronix Semiconductor is reportedly considering a merger with special purpose acquisition company (SPAC) ACE Convergence Acquisition (NASDAQ:ACEV) that will take it public.
Insider knowledge of the upcoming Achronix SPAC merger comes from anonymous sources cited by Bloomberg. These sources say that ACEV is reaching to investors to raise funds for an upcoming deal.
According to these insiders, the SPAC merger between Achronix and ACE Convergence Acquisition would value the combined company at $2 billion. Details of the deal are still subject to change and sources say it could be announced as early as this month.
News of a possible Achronix SPAC merger caught the interest of investors and ACEV stock is soaring as a result. That comes with heavy trading as more than 2.5 million shares have changed hands as of noon today. For comparison, the company’s daily average trading volume is only about 78,000 shares.
Potential investors eyeing Achronix on the SPAC merger rumors should check out the following breakdown of the company.
- Achronix is a fabless semiconductor company based out of Santa Clara, Calif.
- The company was founded in 2004 and has a research and development facility in India.
- Robert Blake leads the company as its president and CEO with more than 25 years of experience in the semiconductor industry.
- Achronix’s semiconductors are designed for use in a variety of different applications.
- That includes the defense sector, 5G networking, the automotive industry, artificial intelligence (AI) and machine learning, and more.
- Easton Capital Group, GKFF, and New Science Ventures are investors in the company.
ACEV stock was up 9.2% as of noon Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.