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Achronix Semiconductor Corporation and ACE Convergence Acquisition Corp. (ACEV) have announced a definitive agreement for a business combination, aiming to list the combined entity as Achronix Semiconductor Corporation under the ticker ACHX. This merger targets the $10 billion data acceleration market, capitalizing on growing demand in AI, Cloud, 5G, and ADAS sectors. The transaction implies a $2.1 billion equity value and intends to secure $330 million in cash proceeds. The merger is subject to ACE shareholder approval and expected completion by mid-2021.