Ace Global Business Acquisition Limited in an 8-K filing said its sponsor has deposited $455,400 into the company’s trust account to extend the business combination deadline from July 9 to Oct. 8.
This is the second convertible note the SPAC has issued to its sponsor as it works to complete a deal 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.
As announced in August 2021, 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.
