Ace Global Business Acquisition Limited today announced its shareholders voted in favor of extending the deadline for a business combination from Oct. 8 to April 8, 2024 in monthly increments. The SPAC did not disclose redemptions, if any, though its trust was hit hard earlier this year by investors pulling out.
Ace Global last December entered into a definitive merger agreement with LE Worldwide Limited, a component provider of data-enabled greenhouse farming solutions. At deal announcement, the company was expected to have a pre-money enterprise value of approximately $150 million.
LE produces Light-Emitting Diode (LED) technology, with one of the largest LED product manufacturing and research facilities in asia.
The SPAC lost nearly half of its cash in trust to redemptions ahead of the last extension vote, in January.
The SPAC in July 2022 called off a deal with digital publisher DDC Enterprise Limited. Both sides cited unfavorable market conditions. Read more.