Ace Global Business Acquisition in an 8-K said its stock will be delisted from the Nasdaq on May 24 due to non-compliance with a listing rule that a SPAC must complete a merger within 36 months of its IPO registration.
Although Ace Global had requested a hearing on the matter, the SPAC said it withdrew the request.
The SPAC did not disclose its next move.
Ace Global has a deal pending 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 more than three years ago. Read more.
