The agreement for Tempo Automation Holdings, Inc. to acquire Optimum Design Associates, Inc. from Nick Barbin and Roger Hileman was terminated.
August 31, 2023
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Tempo Automation Holdings, Inc. (NasdaqGM:TMPO) agreed to acquire Optimum Design Associates, Inc. from Nick Barbin and Roger Hileman for $18.1 million on March 25, 2023. Tempo Automation will acquire Optimum for consideration of up to $6.8 million in cash, to be paid in three installments over one year, 4,400,000 shares of common stock, to be awarded within five days of the closing date of the Securities Purchase Agreement, and up to $7.5 million in additional consideration, to be awarded in the future dependent on the financial performance of Optimum. Tempo Automation will pay $2.8 million of $6.8 million cash portion on closing and remaining $1.5 million on the six-month anniversary and $2.5 million on the 12-month anniversary. Tempo Automation Holdings, Inc will issue Convertible Promissory Note to fund the deal. Thomas G. Brandt and Ryan J. Maierson of Latham & Watkins LLP acted as legal advisor to Tempo Automation Holdings, Inc.
The agreement for Tempo Automation Holdings, Inc. (NasdaqGM:TMPO) to acquire Optimum Design Associates, Inc. from Nick Barbin and Roger Hileman was terminated on August 1, 2023.
Tempo Automation Holdings, Inc. is a software-accelerated electronics manufacturer. The Company works with various other companies across industries, including space, semiconductor, aviation and defense, medical device, as well as industrials and e-commerce. It has developed a technology-enabled manufacturing platform. Its platform offers customer benefits through its front-end customer portal, which provides quoting, ordering, and complex data ingestion via a cloud-based interface. Its front-end customer portal offers analysis, interpretation, and visual rendering of engineering, design, and supply chain data, which allows hardware engineers to reach a manufacturable design; back-end manufacturing software, which is a continuous, bi-directional digital thread that connects its customers to its smart factories, weaving together manufacturing processes and design data, and connected network of smart factories, which deliver turnkey printed circuit board fabrication and assembly.