Achronix Semiconductor failed to go public via a merger with ACE Convergence in a $2.1bn deal.

Achronix Semiconductor, an American fabless semiconductor company, failed to go public via a merger with ACE Convergence, a SPAC, in a $2.1bn deal. The $150m PIPE financing at $10 per share would have been anchored by ACE Equity Partners, BlackRock and Hedosophia; and with participation from other institutional investors. "We are very excited to have found the ideal merger partner in Achronix, the last remaining independent, high-end FPGA player. John Lofton Holt and Robert Blake have created a truly disruptive semiconductor company, with highly differentiated data acceleration FPGA products, complemented with a highly innovative embedded FPGA IP business model. Further bolstering Achronix’s robust free cash generation with proceeds from the merger will accelerate deployment of the company’s data acceleration solutions and position Achronix to fast track additional strategic growth initiatives," Behrooz Abdi, ACE CEO and Chairman. On July 12, 2021, companies announced the termination of the merger, citing inability to close the deal before July 15, 2021 deadline.