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Item 7.01
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Regulation FD Disclosure.
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On April 8, 2021, Achronix Semiconductor Corporation
(“Achronix”) released and disseminated a press release titled “Achronix Now Shipping Industry’s Highest
Performance Speedster7t FPGA Devices” (the “Press Release”). From time to time following the date of this report,
Achronix and ACE Convergence Acquisition Corp. (“ACE Convergence”) may send a link to or copy of the Press Release
to various shareholders and potential investors of ACE Convergence. The Press Release is attached hereto as Exhibit 99.1 and incorporated
by reference herein.
The information in this Item 7.01, including Exhibit
99.1 incorporated by reference herein, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and
shall not be deemed to be incorporated by reference into the filings of ACE Convergence under the Securities Act of 1933, as amended (the
“Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings. This Current
Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information contained in this Item
7.01, including Exhibit 99.1 incorporated by reference herein.
Important Information for Investors and Stockholders
This Current Report on Form 8-K relates to a proposed
business combination between Achronix and ACE Convergence. This Current Report on Form 8-K does not constitute an offer to sell or exchange,
or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which
such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
In connection with the proposed business combination,
ACE Convergence filed a registration statement on Form S-4 on February 10, 2021, as may be amended from time to time (the “Registration
Statement”) with the SEC, which includes a preliminary proxy statement to be distributed to holders of ACE Convergence’s
common shares in connection with ACE Convergence’s solicitation of proxies for the vote by ACE Convergence’s shareholders
with respect to the proposed business combination and other matters as described in the Registration Statement, as well as the prospectus
relating to the offer of securities to be issued to Achronix’s stockholders in connection with the proposed business combination.
After the Registration Statement has been declared effective, ACE Convergence will mail a definitive proxy statement, when available,
to its shareholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus,
any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they
will contain important information about ACE Convergence, Achronix and the proposed business combination. Investors and security
holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available)
and other documents filed with the SEC by ACE Convergence through the website maintained by the SEC at http://www.sec.gov, or by
directing a request to: ACE Convergence Acquisition Corporation, 1013 Centre Road, Suite 403S Wilmington, DE 19805. The information contained
on, or that may be accessed through, the websites referenced in this Current Report on Form 8-K is not incorporated by reference into,
and is not a part of, this Current Report on Form 8-K.
Participants in the Solicitation
ACE Convergence and
its directors and officers may be deemed participants in the solicitation of proxies of ACE Convergence’s shareholders in connection
with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests
of certain of ACE Convergence’s executive officers and directors in the solicitation by reading the Registration Statement and other
relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the
interests of ACE Convergence’s participants in the solicitation, which may, in some cases, be different than those of their stockholders
generally, is set forth in the Registration Statement.
Non-Solicitation
This Current Report on Form 8-K is not a proxy
statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination
and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of ACE Convergence, the combined company
or Achronix, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the requirements of the Securities Act.