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On July 12, 2022, DDC Enterprise Limited and Ace Global Business Acquisition Limited announced the mutual termination of their Share Exchange Agreement due to unfavorable market conditions. DDC aims to focus on its long-term strategic goals and leverage growth potential in the content-driven lifestyle market. Both companies expressed appreciation for their partnership, with Ace acknowledging the challenges faced by high-growth enterprises in the current environment. DDC, founded in 2012, operates the DayDayCook brand, promoting quality food products across multiple channels.
Ace Global Business Acquisition Limited (NASDAQ: ACBA, ACBAU) has announced a definitive merger agreement with DDC Enterprise Limited, positioning DDC to become a publicly listed company. DDC, known for its DayDayCook brand, specializes in ready-to-heat, ready-to-cook, and plant-based food products. The merger aims to capture growth in the RTC market, projected to reach $150 billion by 2027. DDC plans to leverage its omni-channel strategy and strategic partnerships to enhance its supply chain. The enterprise value of DDC is set at $300 million, with plans to raise $30-40 million in a PIPE transaction.
Ace Global Business Acquisition Limited (NASDAQ: ACBAU) has announced that holders of its units can now trade the ordinary shares (ACBA) and warrants (ACBAW) separately starting April 16, 2021. Those who wish to separate their units must contact the Company's transfer agent, Continental Stock Transfer & Trust Company. Ace Global is a British Virgin Islands-based blank check company focused on mergers and acquisitions, primarily in the gaming and e-commerce sectors within Greater China, Japan, and Southeast Asia.
Ace Global Business Acquisition Limited (NASDAQ: ACBAU) announced the full exercise of an over-allotment option by underwriters in its IPO, resulting in the purchase of 600,000 units for $6,000,000 on April 9, 2021. This increases total gross proceeds from the IPO to $46,000,000 for 4,600,000 units sold at $10.00 each. Each unit comprises one ordinary share and one warrant priced at $11.50. The registration statement for these securities was effective on April 5, 2021, with trading under the symbols 'ACBA' for shares and 'ACBAW' for warrants expected soon.
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