Ace Global Business Acquisition Limited Announces Extension of Combination Period and Additional Contribution to Trust Account to Extend Combination Period

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Ace Global Business Acquisition (NASDAQ: ACBA) announced at its annual general meeting that shareholders voted to extend the deadline for completing a business combination multiple times. Ace Global Investment deposited $30,000 into the Trust Account to extend the deadline further. The extension aims to allow the Company more time to finalize a business combination.

NEW YORK, April 8, 2024 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA) (the "Company"), a special purpose acquisition company, announced today that at its annual general meeting of shareholders on April 2, 2024, the Company's shareholders voted in favor of the proposal to amend and restate its amended and restated memorandum and articles of association, giving the Company the right to extend the date by which the Company has to complete a business combination a total of six (6) times for an additional one (1) month each time from April 8, 2024 to October 8, 2024. On April 5, 2024, Ace Global Investment Limited, the Company's initial public offering sponsor (the "Sponsor"), has deposited into the Company's trust account (the "Trust Account") an aggregate of $30,000 (representing the lesser of (i) $30,000 and (ii) an aggregate amount equal to $0.033 multiplied by the number of issued and outstanding Company ordinary shares issued in the Company's initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from April 8, 2024 to May 8, 2024. The Company issued a promissory note to the Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company's units (with each unit consisting of one ordinary share, and one warrant to purchase one ordinary share) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Ace Global Business Acquisition Limited

Ace Global Business Acquisition Limited is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more business entities.

Forward Looking Statements

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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SOURCE Ace Global Business Acquisition Limited

FAQ

What was the outcome of Ace Global Business Acquisition 's annual general meeting?

Shareholders voted to amend and restate the Company's memorandum and articles of association to extend the deadline for completing a business combination.

How many times can the Company extend the deadline for completing a business combination?

The Company can extend the deadline a total of six times, each time for an additional one month period.

What amount did Ace Global Investment deposit into the Trust Account?

Ace Global Investment deposited $30,000 into the Trust Account.

What is the purpose of extending the deadline for completing a business combination?

The extension aims to provide the Company with more time to finalize a business combination.

What is the conversion price of the promissory note into the Company's units?

The promissory note is convertible into the Company's units at a price of $10.00 per unit at the closing of a business combination.