Fabless semiconductor company Achronix Semiconductor Corp said it will be going public via merger with a Special Purpose Acquisition Company (SPAC) ACE Convergence Acquisition Corp in a $2.1 billion deal.
Achronix says among its top reasons to go public is to diverge into new products and increase its growth rate.
Due to some pending regulatory approvals, the deal is expected to close in the first half of the year.
The merged company will be listed on Nasdaq under the ticker symbol ‘ACHX’ the current chief executive of Achronix Robert Blake will serve in the same position in the merged company.
Achronix manufactures field programmable gate arrays (FPGA) which are electronic components used to make reconfigurable digital circuits used in cloud computing and 5G equipment.
Other companies which build field programmable gate arrays include Intel Corp. (INTC) and Xilinx Inc. (XLNX).