Announcement • Jun 27
Ace Global Business Acquisition Limited Files Form 15 Ace Global Business Acquisition Limited has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its units, each consisting of one ordinary share, par value $0.001 per share, and one redeemable warrant entitling the holder to receive one ordinary share; ordinary shares, par value $0.001 per share; warrants, each whole warrant exercisable for one ordinary share for $11.50 per share under the Securities Exchange Act of 1934, as amended. Announcement • May 24
Ace Global Business Acquisition’s Securities to be Suspended at the Open of Business on May 24, 2024, as a Result of the Withdrawal of its Hearing Request and Nasdaq to File Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission On April 1, 2024, Ace Global Business Acquisition Limited (the ‘Company’) filed a Current Report on Form 8-K to disclose that on March 28, 2024, the Company received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) indicating that, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the ‘Panel’), the Company’s securities (units, ordinary shares and warrants) would be subject to suspension and delisting from The Nasdaq Capital Market at the opening of business on April 8, 2024 due to the Company’s non-compliance with Nasdaq IM-5101-2, which requires that a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement and that the Company intends to timely request a hearing before the Panel (the ‘Initial 8-K’). While the Company has submitted a hearing request before the Panel, the Company has now withdrawn it. On May 22, 2024, the Company received a notice from the staff of the Nasdaq Office of General Counsel confirming the Company’s withdrawal of its hearing request and notifying the Company that as a result of the withdrawal, the Company’s securities (units, ordinary shares and warrants) will be suspended at the open of business on May 24, 2024 and Nasdaq will file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission. Announcement • Apr 02
Ace Global Business Acquisition Limited Receives A Notice from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC On March 28, 2024, Ace Global Business Acquisition Limited (the Company") received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq") indicating that, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the Panel"), the Company's securities (units, ordinary shares and warrants) would be subject to suspension and delisting from The Nasdaq Capital Market at the opening of business on April 8, 2024 due to the Company's non-compliance with Nasdaq IM-5101-2, which requires that a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Accordingly, the Company intends to timely request a hearing before the Panel. The hearing request will result in a stay of any suspension or delisting action pending the hearing. Announcement • Mar 16
Ace Global Business Acquisition Limited, Annual General Meeting, Apr 02, 2024 Ace Global Business Acquisition Limited, Annual General Meeting, Apr 02, 2024, at 10:00 China Standard Time. Location: 2206-19 Jardine House, 1 Connaught Place, Central Hong Kong Agenda: To consider a proposal to approve the amendment and restatement (the “Charter Amendment Proposal”) of the Company’s amended and restated memorandum and articles of association (the “Charter”) to extend the date by which the Company has to consummate a business combination (the “Extension”) a total of six (6) times for an additional one (1) month each time from April 8, 2024 (the “Current Termination Date”) to October 8, 2024 (the termination date as so extended, the “Extended Termination Date”); and to consider other matters. Announcement • Aug 25
Ace Global Business Acquisition Regains Compliance with the Minimum Public Holders Rule As previously disclosed by Ace Global Business Acquisition Limited in its Current Report on Form 8-K dated March 1, 2023, the Company was notified by the Nasdaq Stock Market LLC on February 27, 2023 that it did not comply with Nasdaq Listing Rule 5550(a)(3) due to the Company not maintaining a minimum of 300 public holders for continued listing. On August 24, 2023, the Company received a letter from Nasdaq confirming that, based on information submitted by the Company to Nasdaq on August 23, 2023, the Company regained compliance with the Minimum Public Holders Rule. Board Change • Aug 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Yan Yannie Xu is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jun 14
Ace Global Business Acquisition Limited announced that it has received $0.116777 million in funding from Ace Global Investment Limited Ace Global Business Acquisition Limited announced that it has issued an unsecured promissory note in the aggregate principal amount of $116,777.35 on June 13, 2023. The transaction included participation from returning investor, Ace Global Investment Limited. The note will bear no interest rate and will mature upon closing of a business combination by the company. In addition, the note may be converted by the holder into units of the company identical to the units issued in its initial public offering at a price of $10.00 per unit. Announcement • May 16
Ace Global Business Acquisition Limited announced delayed 10-Q filing On 05/15/2023, Ace Global Business Acquisition Limited announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Feb 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Yan Yannie Xu is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 10
Ace Global Business Acquisition Limited Elects Nicholas Xue-Wei Tan as Director Ace Global Business Acquisition Limited at its Annual Meeting of Shareholders held on January 5, 2023, approved to elect Nicholas Xue-Wei Tan as director. Board Change • Dec 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Yan Yannie Xu is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 21
Ace Global Business Acquisition Limited, Annual General Meeting, Jan 05, 2023 Ace Global Business Acquisition Limited, Annual General Meeting, Jan 05, 2023, at 10:00 China Standard Time. Location: Loeb & Loeb LLP, 2206-19 Jardine House, 1 Connaught Place Cantral Hong Kong Agenda: To approve the Company’s amended and restated memorandum and articles of association and adopt three separate proposals with respect to the extension of the business combination period and certain governance provisions in the current charter; to amend the Company’s investment management trust agreement, dated as of April 5, 2021, by and between the Company and Continental Stock Transfer & Trust Company; to elect five directors to serve until the next Annual Meeting of Shareholders and until their respective successors have been duly elected and qualified or until his or her earlier resignation, removal or death; and to consider the other resolutions. Announcement • Sep 30
Ace Global Business Acquisition Limited announced that it has received $0.4554 million in funding from Ace Global Investment Limited Ace Global Business Acquisition Limited announced that it has entered into security purchase agreement for the issuance of unsecured promissory note in the aggregate principal amount of $455,400 to returning investor Ace Global Investment Limited on September 28, 2022. The note will bear no interest rate and will mature upon closing of a business combination by the company. In addition, the note may be converted by the holder into units of the company identical to the units issued in its initial public offering at a price of $10.00 per unit. Announcement • Aug 26
DDC Enterprise Limited signed a share exchange agreement to acquire Ace Global Business Acquisition Limited (NasdaqCM:ACBA) from Ace Global Investment Limited and others for approximately $340 million in a reverse merger transaction. DDC Enterprise Limited signed a share exchange agreement to acquire Ace Global Business Acquisition Limited (NasdaqCM:ACBA) from Ace Global Investment Limited and others for approximately $340 million in a reverse merger transaction on August 23, 2021. Under the terms of the agreement, DDC shareholders will receive 30 million of common shares. At Closing, the Ace Global shall place 10% of the consideration into escrow and remaining will release 1 year after closing. Certain management members of DDC contingent right to receive additional earnout consideration. In the event that the Ace Global’s revenue exceeds (i) forty-one million dollars for the fiscal year ended December 31, 2021, then DDC Management shall receive one million Earnout Shares; (ii) $66,000,000 for the fiscal year ended December 31, 2022, then Management shall receive one million Earnout Shares; and (iii) $118 million for the fiscal year ended December 31, 2023, then Management shall receive one million Earnout Shares. In addition, in the event that the volume weighted-average per-share trading price of the Purchaser Ordinary Shares is at or above $18 per share for 20 consecutive trading days in any twenty (20)-day continuous trading period starting on the day of Closing and ending on December 31, 2025, then Management shall receive 600,000 Earnout Shares. DDC will aim to raise a private investment in public equity (PIPE) of approximately $30-40 million. Following closing of the transaction, the parties plan to remain NASDAQ-listed under a new ticker symbol. Under the terms of the Merger Agreement, Ace will merge with DDC, resulting in DDC being a listed company on the Nasdaq Capital Market and DDC's current management team will continue running the combined company after the transaction.
The transaction is subject to approval by the Ace Global shareholders, third party consents, approval by at least 70% of the DDC shareholders, requirement of at least $10 million of Ace Global cash, obtaining equity financing of $10 million from the insiders, regulatory approvals, execution of employment agreement, and other customary closing conditions. The agreement was approved by the Boards of Directors of DDC and Ace Global. The Benchmark Company, LLC and Brookline Capital Markets, a Division of Arcadia Securities, LLC are acting as financial advisors to Ace Global for this transaction. Jon Venick of DLA Piper LLP (US) is acting as legal advisor to Ace Global Business Acquisition Limited. Lawrence Venick of Loeb & Loeb LLP is acting as the legal advisor to DDC Enterprise Limited. 
