Ace Global Business Acquisition in a regulatory filing said it had amended its mertger agreement with LE Worldwide to reduce the merger consideration from $150 million to $110 million. The target is a component provider of data-enabled greenhouse farming solutions.
Ace Global will now issue ordinary shares valued at $104.5 million, which is $110 million less 5% of the aggregate amount of merger consideration that is subject to holdback arrangements. The deal was announced last December.
The SPAC said earlier this week that shareholders approved a deadline extension from Oct. 8 to April 8, 2024 in monthly increments. Ace Global did not disclose redemptions, if any, although the SPAC lost nearly half of its cash in trust to redemptions ahead of the last extension vote, in January.
LE produces Light-Emitting Diode (LED) technology, with one of the largest LED product manufacturing and research facilities in Asia. Read more.
