Ace Global Business Acquisition issued an unsecured promissory note of $350,332.05 to its sponsor for an extension on the merger deadline from April 9 to July 8.
The note is convertible into units at $10 each.
Shareholders in January approved two extensions of three months each, of which the latest is the second extension, but redemptions of 22.6 million shares left $25.2 million in trust.
Ace Global in December entered into a definitive merger agreement with LE Worldwide Limited, a component provider of data-enabled greenhouse farming solutions. At deal announcement, the company was expected to have a pre-money enterprise value of approximately $150 million. 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.
The SPAC last July called off a merger with DDC Enterprise Limited, a digital publisher and merchandising company. Read more.
