DDC Enterprise Limited, a digital publisher and merchandising company that owns and operates the brand DayDayCook, and Ace Global Business Acquisition Limited today announced that they have mutually agreed to terminate their merger plans.
Both sides decided to terminate the deal as a result of unfavorable market conditions, according to a news release.
Ace Global earlier this month extended its deadline to October while working out the deal.
DDC was founded in Hong Kong, expanded to Shanghai and is now incorportated in the Virgin Islands.
As announced last August, the combined company would have had a pro forma value of $377 million to $387 million, which assumed no redemptions. DDC was to receive $46.9 million in cash from Ace’s trust as well as a PIPE of $30 million to $40 million. Read more.
