Ace Global Business Acquisition Limited Announces Closing of Over-Allotment Option in Connection with its Initial Public Offering
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.
- Successful over-allotment option exercise generated $6,000,000 in additional gross proceeds.
- Total gross proceeds from IPO reached $46,000,000, enhancing financial stability.
- Each unit includes a warrant, potentially increasing future capital.
- None.
NEW YORK, April 13, 2021 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBAU, the "Company") announced today that the underwriters in its initial public offering, pursuant to the terms of the underwriting agreement, exercised in full their previously announced option to purchase 600,000 units to cover over-allotments, and, on April 9, 2021, purchased these additional units, generating additional gross proceeds of
The total aggregate issuance by the Company of 4,600,000 units at a price of
Each unit consists of one ordinary share and one warrant to purchase one ordinary share at a price of
Ladenburg Thalmann & Co. Inc. and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as joint book-running managers in the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 5, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Ladenburg Thalmann & Co. Inc., 640 5th Ave, 4th Floor, New York, NY 10019. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.
About Ace Global Business Acquisition Limited
Ace Global Business Acquisition Limited is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in the gaming and e-commerce sectors in the Greater China, Japan and Southeast Asia regions.
Forward Looking Statements
This press release includes forward-looking statements 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 initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. 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
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