SAN FRANCISCO – Tempo Automation Holdings, Inc. (NASDAQ: TMPO, “Tempo Automation” or “Tempo” or the “Company”), a leading software-accelerated electronics manufacturer, today announced the successful execution of a $7.0 million unsecured subordinated convertible promissory note (the “Convertible Promissory Note”) with Asia-IO Advanced Manufacturing Partners, L.P. (“Asia-IO”), a cross-border private equity fund specializing in advanced manufacturing and industrial technology opportunities.

"We are delighted to have secured financing that not only bolsters our financial stability but also equips us with the capital necessary to finalize the previously announced acquisition of Optimum Design Associates. Asia-IO shares our vision of strategic expansion by leveraging our unique data-driven factory automation technology to disrupt the industry," said Joy Weiss, CEO of Tempo Automation.

Under the terms of the Convertible Promissory Note, up to $4.0 million in aggregate principal amount may be drawn by the Company from time to time upon one or more written requests. Up to an additional $3.0 million in aggregate principal amount under the Convertible Promissory Note may be drawn by the Company from time to time for purposes of paying amounts payable by the Company in connection with the consummation of the previously announced acquisition of Optimum Design Associates, Inc. (together with the previously announced acquisition of Optimum Design Associates Pty. Ltd., the “Optimum Acquisition”). The Optimum Acquisition is anticipated to close in the second half of 2023, pending the satisfaction or waiver of certain customary closing conditions.

Amounts drawn under the Convertible Promissory Note are subject to a 3.0% original issue discount, accrue simple interest at a rate of 12.0% per annum, and will mature on June 20, 2024 (the “Maturity Date”). At any time and from time to time within 120 days of any drawdown under the Convertible Promissory Note, the Company will be able to prepay, in whole or in part, such drawdown amount upon payment of an additional amount equal to 4.0% of the prepayment amount. Any amounts that are prepaid will not be available for re-borrowing. After such 120-day period, Asia-IO has the right to convert all or any portion of the outstanding drawdown amount (together with accrued but unpaid interest, if any) equal to or greater than $500,000 into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a conversion price equal to the greater of (i) $0.55 and (ii) the last reported closing sale price of a share of Common Stock on The Nasdaq Stock Market LLC as of such time (the “Last Reported Sale Price”). Additionally, subject to certain conditions, the Company has the right to force conversion of any outstanding drawdown amounts (together with accrued but unpaid interest, if any) under the Convertible Promissory Note into Common Stock (a) on the Maturity Date if the Last Reported Sale Price is equal to or greater than $1.10 or (b) prior to the Maturity Date, if the volume weighted average price of a share of Common Stock is equal to or greater than $1.10 for a period of at least 40 calendar days in any consecutive 60-calendar day period. If the Convertible Promissory Note has not been repaid or converted in full prior to the Maturity Date, the unpaid principal balance outstanding under the Convertible Promissory Note, along with all accrued and unpaid interest, if any, will become due and payable on the Maturity Date.

TEMPE, AZ – Leading semiconductor test equipment supplier Advantest Corporation (TSE: 6857) and Arizona State University (ASU) today announced their collaboration with global semiconductor company NXP® Semiconductors to create a new, “first-of-its-kind” test engineering course at ASU. Officially titled “EEE 522 Radio Frequency Test,” the course content was originally developed by faculty in the Ira A. Fulton Schools of Engineering at ASU and, through this collaboration, was enhanced with laboratory experiments designed by Advantest and administered jointly by Advantest and NXP during the 2023 spring semester. The course will be offered each year going forward.

The need for the course was first recognized in mid-2022 by colleagues at Advantest and NXP, spurred by two key facts. First, the flurry of wafer-fab construction in Arizona (already home to numerous advanced chipmaking plants) would soon heighten demand for test engineers. Second, local university engineering programs did not offer classes specifically aimed at training and preparing engineers to enter the semiconductor test industry. Advantest and NXP, both of which have multiple locations in Arizona, subsequently approached ASU about implementing such a class and were met with an enthusiastic response.

“This course is a great example of what can happen when there’s true collaboration between industry and academia,” said Raghu Maddali, senior director - test engineering, with NXP and one of the course’s original developers, who worked together with Paul Hirsch, senior global account manager with Advantest. “It came to fruition in a relatively short time, thanks to the dedication and commitment of all involved.” In addition to conceiving and developing the necessary labs, the two companies contributed resources to ensure its success. Advantest provided a state-of-the-art V93000 SoC test system, installing it at ASU Research Park in Tempe, with experts from both NXP’s and Advantest’s engineering teams donating time to serve as lab supervisors, helping students conduct lab experiments designed to reinforce classroom concepts and, in the process, gain familiarity with an industry-leading ATE platform.

Course professor Sule Ozev, Ph.D., who has taught at ASU for 15 years, noted, “I thoroughly enjoyed the challenge of building the curriculum for this new course from scratch, with the assistance of Advantest’s application engineering team. It’s exciting to be part of a program that will provide the semiconductor industry with a new generation of much-needed test engineers.”

Offered through the School of Electrical, Computer and Energy Engineering (ECEE), part of the Fulton Schools of Engineering at ASU, the RF test course covers current production test schemes for mixed-signal and RF circuits, the economics of production testing and recent research techniques in reducing production test costs. Students learn to define test conditions and test flows, write and optimize test programs, interpret measurement data, identify potential manufacturing problems and automate the test process.

Added Advantest’s Hirsch, “What started with an idea shared between two colleagues quickly blossomed into a tangible means of providing real-world training that will help prepare students for high-demand positions while further supporting our industry and Arizona’s economy.”

With multiple locations in Arizona, both Advantest and NXP are highly invested in the region and will continue providing support for the course, as well as for new courses that may be added to the program in the future.

AUBURN HILLS, MI – The Murray Percival Company, the award-winning leading supplier to the Midwest’s electronics industry, today announced Josh Funk’s introduction of a Yxlon Cougar Evo X-Ray machine into White Horse Labs, a leading provider of electronic component testing and quality assurance services. The advanced X-Ray machine will allow White Horse Labs to provide even greater accuracy and efficiency in detecting defects and ensuring quality of electronic components.

The Yxlon Cougar Evo X-Ray machine is equipped with the latest technology, providing high-resolution imaging and fast detection of defects in electronic components during the production process. The machine’s advanced features enable White Horse Labs to perform thorough inspections while ensuring that clients receive high-quality components.

“We chose Yxlon because of their reputation for delivering the highest quality X-Ray machines in the industry,” said Aaron Page, General Manager at White Horse Labs. “The Cougar Evo X-Ray machine is a game-changer for our quality assurance services, allowing us to identify defects quickly and accurately in electronic components. This has helped us to improve our processes and provide our clients with even greater confidence in the products they receive.”

This partnership between White Horse Labs and Yxlon represents a commitment to quality and innovation in the electronics industry. White Horse Labs has been providing quality assurance services to customers for more than a decade, while Yxlon has a long-standing reputation for producing high-quality X-Ray machines.

DAYTON, OH – Libra Industries, a valued portfolio company of CW Industrial Partners (CWI), is thrilled to announce the promotion of Andrew Williams to the role of President and CEO.

Mr. Williams, previously serving as Senior Vice President of Business Development at Libra, played a pivotal role in driving double-digit growth within the company's core markets, including Semiconductor, Medical, Aerospace, and Defense. With over three decades of experience in contract manufacturing and holding senior positions at renowned companies such as Jabil, Sanmina, and Kimball Electronics, Mr. Williams brings a wealth of expertise to his new position. His leadership style emphasizes collaboration and a proven track record of process enhancement for technologically advanced product businesses.

Expressing his gratitude for the appointment, Mr. Williams stated, “I am deeply honored to lead such an exceptionally talented and hardworking team dedicated to delivering innovative manufacturing solutions to our clients. We will continue to focus on delivery of truly customized manufacturing and supply chain solutions to some of the world’s most prominent OEMs.”

Todd Martin, Managing Partner of CW Industrial Partners, commented “We are absolutely thrilled that our extensive search process yielded the best possible candidate right here on our existing team. Andrew is an extremely talented and competitive leader who is relentlessly dedicated to our customers’ success.”