NEW
YORK, Jan. 9, 2023 /PRNewswire/ -- Ace Global
Business Acquisition Limited (NASDAQ: ACBA, the "Company"), a
special purpose acquisition company, announced today that at its
annual general meeting of shareholders on January 5, 2023 (the "Meeting"), the Company's
shareholders voted in favor of the proposal to amend its memorandum
and articles of association, giving the Company the right to extend
the date by which the Company has to complete a business
combination (the "Combination Period") a total of five (5) times,
as follows: (i) two (2) times for an additional three (3) months
each time from January 8, 2023 to
July 8, 2023, followed by (ii) three
(3) times for an additional one (1) month each time from
July 8, 2023 to October 8, 2023. On January 5, 2023, Ace Global Investment Limited,
the Company's initial public offering sponsor ("Sponsor"),
deposited into the Company's trust account (the "Trust Account") an
aggregate of $350,332.05
(representing approximately $0.15 per
ordinary share issued at the Company's initial public offering that
has not been redeemed), in order to extend the period of time the
Company has to complete a business combination for an additional
three (3) months, from January 8,
2023 to April 8, 2023. The
Company issued a promissory note to Sponsor with a principal amount
equal to the amount deposited. The promissory note bears no
interest and is convertible into the Company's units (with each
unit consisting of one ordinary share, and one warrant to purchase
one ordinary share) at a price of $10.00 per unit at the closing of a business
combination by the Company. The purpose of the extension is to
provide time for the Company to complete a business
combination.
About Ace Global Business Acquisition Limited
Ace Global Business Acquisition Limited is a blank check company
formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company's
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
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SOURCE Ace Global Business Acquisition Limited