Ace Global Business Acquisition announced today that its sponsor deposited $98,858.95 (about 5 cents a share) into trust for another monthly extension. The SPAC’s new deal deadline is now March 8 and it can deploy one more extension to April with another deposit into trust.
Ace Global has a deal in hand with LE Worldwide. The target produces Light-Emitting Diode (LED) technology, with one of the largest LED product manufacturing and research facilities in Asia.
The SPAC in September reducted the merger consideration from $150 million to $110 million.
The SPAC lost nearly half of its cash in trust ahead of the an extension vote a year ago when redemptions of 22.6 million shares left $25.2 million in the trust. Read more.
