Ace Global Business Acquisition Limited entered into a definitive merger agreement with LE Worldwide Limited, a component provider of data-enabled greenhouse farming solutions. The company will have a pre-money enterprise value of approximately $150 million at closing.
If approved, LE would list on the Nasdaq under a new ticker symbol.
LE produces Light-Emitting Diode (LED) technology, with one of the largest LED product manufacturing and research facilities in Asia, according to a press release. The company’s main products are consumer and commercial LED and lighting solutions that integrate with the Internet of Things (IoT) and smart city projects. The company is based in Hong Kong.
Terms call for LE shareholders to receive $150 million in stock. Ace plans to support the deal with a $20 million PIPE.
DLA Piper LLP (US) is acting as legal advisor to Ace Global. Loeb & Loeb is acting as the legal advisor to LE Worldwide Limited. Read more.
