| Item 4.01 | Changes
in Registrant’s Certifying Accountant |
(a) Dismissal of Independent Registered Public Accounting Firm
On May 22, 2023, the audit committee of the board
of directors (the “Audit Committee”) of Ace Global Business Acquisition Limited (the “Registrant”)
dismissed Marcum LLP (“Marcum”) as its independent registered public accounting firm with immediate effect. The dismissal
was not the result of a disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K, between the Registrant and Marcum on accounting
principles or practices, financial statement disclosure, or auditing scope or procedure during the most recent completed fiscal year ending
December 31, 2022 and the subsequent interim period through May 22, 2023 (which disagreement, if not resolved to the satisfaction of Marcum,
would have caused Marcum to make reference to the subject matter of the disagreement in connection with its reports on the Registrant’s
financial statements for such fiscal year and interim period). Also, none of the events listed in Item 304(a)(1)(v) of Regulation S-K
have occurred or exist during the abovementioned period.
For the most recent completed fiscal year ending
December 31, 2022, Marcum has not expressed an adverse opinion or a disclaimer of opinion, and has not qualified or modified as to uncertainty,
audit scope, or accounting principles on any financial statements of the Registrant in its report on the financial statements of the Registrant,
except an uncertainty about the Registrant’s ability to continue as a going concern.
Marcum was engaged by the Registrant effectively
on October 5, 2022, and as such, for the fiscal year ending December 31, 2021 and through October 5, 2022, neither the Registrant nor
anyone on its behalf consulted with Marcum regarding (i) the application of accounting principles to any specified transaction, either
completed or proposed or the type of audit opinion that might be rendered on the Registrant’s financial statements, and neither
a written report nor oral advice was provided to the Registrant that Marcum concluded was an important factor considered by the Registrant
in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of
a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K, or a “reportable event,” as defined in Item
304(a)(1)(v) of Regulation S-K. Prior to the engagement of Marcum, the previous independent registered public accounting firm engaged
by the Registrant was Friedman LLP (“Friedman”). For more information, please refer to the Form 8-K filed by the Registrant
on October 6, 2022.
The Registrant has provided
Marcum with a copy of the above disclosures and has requested Marcum to provide to the Registrant with a letter addressed to the Securities
and Exchange Commission, stating whether or not it agrees with the above disclosures. Pursuant to the Registrant’s request, Marcum
has provided the letter which is attached hereto as Exhibit 16.1.
(b) Appointment of New Independent Registered
Public Accounting Firm
On May 22, 2023, the
Registrant engaged Adeptus Partners LLC (“Adeptus”] to serve as the Registrant’s independent registered public
accounting firm, effective immediately. The Audit Committee approved and authorized the engagement of Adeptus as the Company’s independent
registered public accounting firm for the year ending December 31, 2023.
For the most recent completed
fiscal year ending December 31, 2022 and the subsequent interim period through May 22, 2023, neither the Registrant nor anyone on its
behalf consulted Adeptus regarding (i) the application of accounting principles to any specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Registrant’s financial statements, and neither a written report nor oral
advice was provided to the Registrant that Adeptus concluded was an important factor considered by the Registrant in reaching a decision
as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a “disagreement,”
as defined in Item 304(a)(1)(iv) of Regulation S-K, or a “reportable event,” as defined in Item 304(a)(1)(v) of Regulation
S-K.