NEW
YORK, May 24, 2024 /PRNewswire/ -- Ace Global
Business Acquisition Limited (NASDAQ: ACBA) (the "Company"), a
special purpose acquisition company, announced today that the
Business Combination Agreement dated December 23, 2022 between the Company and LE
Worldwide Limited, a British Virgin
Islands business company ("LE Worldwide") (as supplemented
by a Joinder Agreement dated March 2,
2023 between the Company, LE Worldwide, ACBA Merger Sub I
Limited, a British Virgin Islands
business company and wholly owned subsidiary of the Company
("Purchaser") and ACBA Merger Sub II Limited, a British Virgin Islands business company and
wholly owned subsidiary of Purchaser ("Merger Sub") and as amended
on July 6, 2023 and September 19, 2023) (the "Merger Agreement") has
been mutually terminated and that the Company is ceasing its
business combination efforts.
On May 24, 2024, the Company,
Purchaser, Merger Sub and LE Worldwide entered into a Mutual
Termination Agreement (the "Mutual Termination Agreement") pursuant
to which the Company, Purchaser, Merger Sub and LE Worldwide agreed
to mutually terminate the Merger Agreement in all respects in
accordance with Section 14.1(a) of the Merger Agreement. The Merger
Agreement is effectively mutually terminated as of May 24, 2024. The parties' entry into the Mutual
Termination Agreement was as a result of concern over LE
Worldwide's ability to continue its operations post-business
combination due to significant decline in its business revenue,
liquidity issues with certain bank financings and uncertainty over
the supply of the tools and products that it sells. On April 12, 2024, LE Worldwide's related party
manufacturer and main supplier was served with a winding-up
petition.
Because the board of directors of the Company has determined
that the Company may not have sufficient time to complete an
initial business combination within the timeframe provided in the
Company's current amended and restated memorandum and articles of
association (the "Charter"), the Company will therefore liquidate
and dissolve in accordance with its terms. The Company 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 the Company's
initial public offering. There will be no redemption rights or
liquidating distributions with respect to the Company's warrants,
which will expire worthless.
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 may includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, 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 business combination, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. Actual results could differ materially
from those contemplated by the forward-looking statements as a
result of certain factors detailed in the Company's filings with
the Securities and Exchange Commission ("SEC"). 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