Ace Global Business Extends Another Month on LE Worldwide Deal

Ace Global Business Acquisition announced today that shareholders last week voted in favor of extending the SPAC’s deadline up to Oct. 8 in monthly increments. Ace Global’s sponsor deposited $30,000 into trust for the first month.

Ace Global has a deal with LE Worldwide. The target produces Light-Emitting Diode 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.

Ace Global lost nearly half of its cash in trust to redemptions ahead of an extension vote in January 2023. The SPAC raised about $46 million in an IPO three years ago. Read more.

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