Ace Global Business Acquisition Closes $6M Over-Allotment Option

IPO

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.

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