Announcement • May 25

+ 1 more update

LE Worldwide Limited cancelled the acquisition of Ace Global Business Acquisition Limited (NasdaqCM:ACBA) in a reverse merger transaction.

LE Worldwide Limited entered into definitive merger agreement to acquire Ace Global Business Acquisition Limited (NasdaqCM:ACBA) in a reverse merger transaction for approximately $120 million on December 23, 2022. Post acquisition, LE Worldwide will become a publicly listed company. Ace will aim to secure cash proceeds exceeding $20 million from a private investment in public equity (PIPE). Subject to the terms and conditions set forth in the Merger Agreement, upon the closing of the transactions, the LE Worldwide and Ace Global Business plan to remain NASDAQ-listed under a new ticker symbol. Agreement has been unanimously approved by Ace Global Business board and is still subject to Ace Global's shareholders approval. As of March 24, 2023, it extend the period of time the Company has to complete a business combination for an additional 3 months period, from April 9, 2023 to July 8, 2023. As on June 13, 2023, expected completion date of business combination has been extended with a range of July 9, 2023 to August 8, 2023. As of August 18, 2023, the expected completion period is September 9, 2023, to October 8, 2023. As of September 21, 2023, the expected completion period is October 8, 2023 to April 8, 2024. DLA Piper LLP (US) is acting as legal advisor to Ace Global Business Acquisition Limited and Loeb & Loeb LLP is acting as the legal advisor to LE Worldwide Limited, Advantage Proxy, Inc. served as proxy solicitor and Continental Stock Transfer & Trust Company as Transfer Agent for Ace Global Business Acquisition Limited. LE Worldwide Limited cancelled the acquisition of Ace Global Business Acquisition Limited (NasdaqCM:ACBA) in a reverse merger transaction on May 24, 2024. The board of directors of Ace has determined that Ace may not have sufficient time to complete an initial business combination within the timeframe provided in Ace’s current amended and restated memorandum and articles of association (the “Charter”), and Ace will therefore liquidate and dissolve in accordance with its terms. Ace will redeem all of its issued and outstanding ordinary shares that were included in the units issued in its initial public offering from its public shareholders and will work with its trustee to effect the liquidation in accordance with the terms of its Charter and as set forth in its prospectus issued in connection with Ace’s initial public offering. There will be no redemption rights or liquidating distributions with respect to Ace’s warrants, which will expire worthless.

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LE Worldwide Limited cancelled the acquisition of Ace Global Business Acquisition Limited (NasdaqCM:ACBA) in a reverse merger transaction.

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