Ace Global Business Acquisition said the underwriters in its IPO exercised in full their option to purchase 600,000 units to cover over-allotments.
The total aggregate issuance by the company of 4.6 million units at $10 each resulted in gross proceeds of $46 million.
Each unit consists of one ordinary share and one warrant to purchase one ordinary share at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list on the Nasdaq under ACBA and ACBAW, respectively.
The SPAC’s $40 million IPO earlier this month raised capital to target businesses in the gaming or e-commerce industry in China, Southeast Asia and Japan. Read more.
