Ace Global Business Acquisition in a proxy filing seeks shareholder approval to extend its completion deadline from April 8 to Oct. 8. If approved, the sponsor has agreed to deposit the lesser of $30,000 or 3.3 cents per share into trust for each month needed.
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 reduced the merger consideration from $150 million to $110 million.
The SPAC lost nearly half of its cash in trust to redemptions ahead of an extension vote in January 2023. Ace Global raised about $46 million in an IPO nearly three years ago. Read more.
