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.
