Compass Diversified (CODI) announced that its majority-owned subsidiary, Advanced Circuits, terminated its previously announced agreement and plan of merger, dated October 13, 2021, pursuant to which Advanced Circuits was to be sold to Tempo Automation, Inc.
The closing of the transaction was conditioned upon Tempo Automation being acquired by a publicly traded special purpose acquisition company. Due to continued delays in closing the SPAC transaction, the company and Advanced Circuits elected to terminate the merger agreement.
“Advanced Circuits is a proven industry leader in the PCB industry, and we’re proud of the company’s success under CODI’s ownership,” said Elias Sabo, CEO, Compass Diversified. “We look forward to continuing our partnership with Advanced Circuits and are excited about its future prospects which we believe will drive enhanced value for CODI shareholders.”
