Ace Global Business Acquisition Limited said its sponsor deposited $455,400 into the trust account, representing 9.9 cents per ordinary share to extend the SPAC’s merger completion deadline from April 9 to July 8.
The SPAC issued a promissory note, which is convertible into units at $10 each.
Ace Global is in a pending merger with DDC Enterprise Limited, a digital publisher and merchandising company.
DDC was founded in Hong Kong, expanded to Shanghai and is now incorportated in the Virgin Islands.
The combined company would have a pro forma firm value of approximately $377 million to $387 million, which assumes no redemptions. DDC would receive $46.9 million in cash from Ace’s trust as well as a PIPE of $30 million to $40 million. Read more.
