NEW
YORK, March 24, 2023 /PRNewswire/ -- Ace
Global Business Acquisition Limited (NASDAQ: ACBA, the "Company"), a special purpose
acquisition company, announced today that Ace Global Investment
Limited, the Company's initial public offering sponsor (the
"Sponsor"), has deposited into the Company's trust account (the
"Trust Account") an aggregate of $350,332.05 representing approximately
$0.15 per ordinary share), in order
to extend the period of time the Company has to complete a business
combination for an additional three (3) months period, from
April 9, 2023 to July 8, 2023. The Company issued a promissory
note to the 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, recapitalization, reorganization or
similar business combination with one or more business
entities.
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