Ace Global Business Acquisition announced that its sponsor deposited $98,858.95 (5 cents a share) to extend the SPAC’s merger deadline to April 8. This is the final extension available under the plan shareholders approved last year.
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.
Ace Global still has monthly extensions it can deploy up to April 8, 2024, provided the sponsor continues to make deposits into trust.
The SPAC lost nearly half of its cash in trust to redemptions ahead of an extension vote in January 2023. Read more.
