ACBA SEC filings, in plain English
Everything Ace Global Business Acquisition Ltd has filed with the SEC that we hold — 40 filings, newest first, 15 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Announcement 425 — Ace Global Business Acquisition Limited's 8-K (Item 1.02) reporting that on May 24, 2024 the parties entered a Mutual Termination Agreement ending, in all respects and under Section 14.1(a), the Business Combination Agreement of December 23, 2022 with LE Worldwide Limited — as supplemented by the March 2, 2023 Joinder with ACBA Merger Sub I and II and amended on July 6 and September 19, 2023. The merger agreement is effectively terminated as of May 24, 2024. No break fee, expense reimbursement or replacement target is mentioned in the readable text. Why it matters: The terminal status change: the deal is dead by mutual agreement after seventeen months and two amendments, which is why it appears under Item 1.02 rather than the usual promotional 425 traffic. For holders, the shares now trade purely against trust value and the SPAC's remaining charter deadline, with no transaction to redeem against or vote on. Mutual termination with no disclosed break fee means neither side is paying to walk. Watch whether Ace names another target, seeks a further extension, or liquidates the trust.
What changed: Item 1.02 / Item 8.01. On May 24, 2024 Ace Global Business Acquisition Limited and LE Worldwide Limited entered a Mutual Termination Agreement terminating the December 23, 2022 Merger Agreement under Section 14.1(a), effective that day. The stated reason is concern over the target's ability to continue operating post-combination given a significant revenue decline, liquidity issues with certain bank financings, and a winding-up petition served on April 12, 2024 on the target's related-party manufacturer and main supplier. The board also determined Ace will liquidate and dissolve. Why it matters: Ace will redeem all public ordinary shares issued in its IPO and work with the trustee to effect liquidation under its charter; warrants carry no redemption rights or liquidating distribution and will expire worthless. This lands the day Nasdaq suspended its securities under IM-5101-2, and the termination reasons are unusually specific about the target's distress.
What changed: Item 3.01. Ace Global Business Acquisition Limited had received a March 28, 2024 Nasdaq notice that its units, ordinary shares and warrants would be suspended and delisted from April 8, 2024 for non-compliance with IM-5101-2 (business combination within 36 months of IPO registration effectiveness), and had requested a Hearings Panel review. It has now withdrawn that request, and on May 22, 2024 Nasdaq's Office of General Counsel confirmed the withdrawal and said the securities will be suspended at the open on May 24, 2024, with a Form 25 to follow. Why it matters: Withdrawing the panel request ends the only process that could have stayed the suspension, so delisting proceeds by the company's own choice. IM-5101-2 is the hard 36-month wall that no extension vote or trust deposit can reach past.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On April 16, 2024 Ace Global Business Acquisition issued an unsecured promissory note of $30,000 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated as from May 9, 2024 to June 8, 2024. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: The monthly deposit falls from $98,858.95, paid for each step from November 2023 through March 2024, to $30,000 — a drop of about 70% in what the sponsor adds to trust per month of extension. The step is bought while the company is under a Nasdaq IM-5101-2 delisting notice for exceeding 36 months since IPO effectiveness, stayed only by its hearing request.
What changed: Item 3.01. On March 28, 2024 Ace Global Business Acquisition received notice from Nasdaq Listing Qualifications staff that unless it timely requests a hearing before the Nasdaq Hearings Panel, its units, ordinary shares and warrants would be SUSPENDED and delisted from the Nasdaq Capital Market at the opening of business on April 8, 2024, for non-compliance with IM-5101-2, which requires a SPAC to complete a business combination within 36 months of the effectiveness of its IPO registration statement. The company intends to request a hearing, which will stay any suspension pending the hearing. Why it matters: The 36-month limit is a hard ceiling the company's own monthly extension mechanism cannot reach past: it has been buying one month at a time at $98,858.95 since November 2023 and has no announced target. A hearing stay preserves the listing only while the Panel considers the case.
- What changed vs 2023-03-30deadline 2023-04-08 → 2024-04-08shares 4.60M → 1.98M -57%
combination deadline, redeemable shares, trust account +22 moved · 3 with no prior record of ours
- Combination deadline
- 2023-04-082024-04-08
- Redeemable shares
- 4.60M1.98M
- Trust account
- $49.0M · unchanged
- Going-concern doubt
- stated · unchanged
- Mandate language
- the Company intends to focus on opportunities in the artific… · unchanged
SpacBrain reads this as 366 days later than the previous record.
The clause …“doubt about the Company’s ability to continue as a going concern if a Business Combination is not consummated by April 8, 2024. These consolidated financial statements do not include any adjustments relating to the recovery of”…
SpacBrain reads this as 2,622,821 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 1,454,000 shares issued and outstanding (excluding 1,977,179 and 4,600,000 shares subject to possible redemption, respectively) 1,454 1,454 Accumulated deficit ( 6,884,175 ) ( 4,076,385 ) Total shareholders’”…
The clause “Description 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 48,982,188 $ 48,982,188 $ - $ - Liabilities: Warrant liabilities – Private Warrants $ 10,000 $ - $ - $ 10,000 * included in cash and”…
The clause …“to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year from the date of these consolidated financial statements if a”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Ace Global Business Acquisition Limited called an annual meeting for April 2, 2024 at 10:00 a.m. local time at Jardine House in Hong Kong to approve a charter amendment extending the deadline to complete a business combination six times, one month each, from the current termination date of April 8, 2024 to October 8, 2024, together with an amendment to the trust agreement previously amended on September 19, 2023. For each one-month extension the company must deposit into the trust the lesser of $30,000 and $0.033 multiplied by the number of unredeemed public shares. Why it matters: This is a further extension on a vehicle that already amended its trust agreement in September 2023, so the SPAC has been searching well past its original deadline with no target named in this document. The deposit is capped at $30,000 a month, a token amount that leaves the per-share redemption floor essentially flat while time passes, meaning holders who wait earn almost no accretion for the delay. Redemption at the deposited trust value remains available at this vote and is the only certain outcome; the alternative is six more months of waiting for a deal that may never be announced.
What changed vs 2023-08-29deadline 2024-04-08 → 2024-10-08combination deadline1 moved
- Combination deadline
- 2024-04-082024-10-08
SpacBrain reads this as 183 days later than the previous record.
The clause …“complete our initial business combination. If we cannot complete our initial business combination by October 8, 2024 (assuming the Charter Amendment Proposal and Trust Amendment Proposal are approved and we obtain the full extension of”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On February 22, 2024 Ace Global Business Acquisition issued an unsecured promissory note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated as from March 9, 2024 to April 8, 2024. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: The fifth identical monthly step since November 2, 2023, each at $98,858.95, cumulatively about $494,000 of sponsor notes convertible into units at $10.00. No target, trust balance or outside date beyond the month purchased is stated in any of them.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On January 26, 2024 Ace Global Business Acquisition issued an unsecured promissory note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated as from February 9, 2024 to March 8, 2024. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: The fourth identical monthly step since November 2, 2023, each at $98,858.95 and each funded by a convertible sponsor note. Nothing in this report states a target, a trust balance or an outside date beyond the month just purchased.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On January 2, 2024 Ace Global Business Acquisition issued an unsecured promissory note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated as from January 9, 2024 to February 8, 2024. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: The third identical monthly step since November 2, each at $98,858.95 and each paid with a convertible sponsor note rather than company cash. Cumulatively the sponsor now holds notes convertible into units at $10.00 across three deposits, so the dilution from extending compounds one month at a time.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On November 14, 2023 Ace Global Business Acquisition issued an unsecured promissory note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated in the filing as from December 9, 2023 to January 8, 2024. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: The second identical monthly step in twelve days, at the same $98,858.95. Note that the November 6 report described the preceding step as running from November 9 to December 8, 2023, while this one starts from December 9 — the two stated windows do not join exactly. Each step is bought with a convertible sponsor note rather than cash the company must repay.
- What changed vs 2023-08-14deadline 2023-09-08 → 2024-04-08shares 2.34M → 1.98M -15%
combination deadline, redeemable shares, trust account +22 moved · 3 with no prior record of ours
- Combination deadline
- 2023-09-082024-04-08
- Redeemable shares
- 2.34M1.98M
- Trust account
- $49.0M · unchanged
- Going-concern doubt
- stated · unchanged
- Mandate language
- the Company intends to focus on opportunities in the artific… · unchanged
SpacBrain reads this as 213 days later than the previous record.
The clause …“(6) times for an additional one (1) month each time from October 8, 2023 to April 8, 2024 by depositing into the trust account $0.05 for each one-month extension for each issued and outstanding Company ordinary share issued in the IPO”…
SpacBrain reads this as 358,368 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 1,454,000 shares issued and outstanding (excluding 1,977,179 and 4,600,000 shares subject to possible redemption, respectively) 1,454 1,454 Accumulated deficit ( 6,357,626 ) ( 4,076,385 ) Total shareholders’”…
The clause …“(Audited) (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury Securities held in Trust Account* $ 48,982,188 $ 48,982,188 $ - $ - Liabilities: Warrant liabilities – Private Warrants $ 10,000 $ - $ - $ 10,000 * included in cash and”…
The clause …“to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern if a Business Combination is not consummated by January 8, 2024 or April 8, 2024”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Item 2.03, incorporated into Item 1.01, plus Item 8.01. On November 2, 2023 Ace Global Business Acquisition issued an unsecured promissory note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one additional month, stated in the filing as from November 9, 2023 to December 8, 2023. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into units identical to the IPO units at $10.00 per unit. Why it matters: A funded one-month extension: the deposit was made and the filing states the resulting date. The consideration is a sponsor note convertible into IPO-style units (share plus warrant component) at $10.00, so each monthly step buys time in exchange for potential dilution rather than cash repayment.
What changed: Items 1.01, 2.03 and 8.01: On September 26, 2023 Ace Global Business Acquisition Limited issued an unsecured note of $98,858.95 to its IPO sponsor, Ace Global Investment Limited, which deposited that amount into the trust to extend the time to complete a business combination by one month, stated as from October 9, 2023 to November 8, 2023. The note is interest-free, matures on the closing of a business combination and may be converted into IPO-identical units at $10.00. At the September 19, 2023 special meeting, 358,368 ordinary shares were tendered for redemption. Why it matters: The monthly cost has fallen from $116,777.35 to $98,858.95 because the payment is priced on the shares that remain, and 358,368 shares redeemed at the September 19 meeting. The filing states that after those redemptions and this deposit the trust would hold approximately $22,685,757.39 — a figure it frames conditionally rather than as a completed balance.
What changed: Item 1.01: On September 19, 2023 Ace Global Business Acquisition Limited and the LE Worldwide parties entered Amendment No. 2 to their Agreement and Plan of Merger, which among other things REDUCES the Merger Consideration from $150 million to $110 million. The filing states that as a result the Purchaser will issue to the target ordinary shares valued at $104.5 million, being $110 million less 5% of the aggregate merger consideration subject to holdback arrangements. The amendment is Exhibit 2.1 and the filing states the description is not complete. Why it matters: A 27% cut in headline consideration, five months before this SPAC's monthly extension payments would otherwise run out, and it comes after Amendment No. 1 of July 6, 2023 replaced third-party escrow with holdbacks. This filing quantifies that holdback for the first time: 5% of consideration, so $5.5 million of the $110 million is withheld and $104.5 million in shares is issued at closing.
- What changed vs 2022-12-20deadline 2023-07-08 → 2024-04-08
combination deadline1 moved
- Combination deadline
- 2023-07-082024-04-08
SpacBrain reads this as 275 days later than the previous record.
The clause “SIX (6) TIMES FOR AN ADDITIONAL ONE (1) MONTH EACH TIME FROM OCTOBER 8, 2023 TO APRIL 8, 2024 BY DEPOSITING INTO THE TRUST ACCOUNT $0.05 FOR EACH ONE-MONTH EXTENSION FOR EACH ISSUED AND OUTSTANDING COMPANY ORDINARY SHARE ISSUED IN THE IPO”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Item 3.01: Ace Global Business Acquisition Limited reports that on August 24, 2023 it received a letter from Nasdaq confirming that, based on information the company submitted on August 23, 2023, it has REGAINED COMPLIANCE with Listing Rule 5550(a)(3), the Minimum Public Holders Rule requiring at least 300 public holders. The deficiency had been notified on February 27, 2023 and disclosed in the company's Form 8-K dated March 1, 2023. The report carries no other item and runs to under 3,800 characters. Why it matters: A listing deficiency closed rather than opened — the deficiency ran for roughly six months and is now cured on the company's own submission of holder information. The filing states no holder count and no method, so how compliance was demonstrated is not readable from this document. The registrant has been funding monthly $116,777.35 trust deposits through this period to keep its combination period alive.
What changed: Items 1.01, 2.03 and 8.01: On August 15, 2023 Ace Global Business Acquisition Limited issued a further unsecured promissory note of $116,777.35 to its IPO sponsor, Ace Global Investment Limited, in exchange for the sponsor depositing that amount into the trust account to extend the time to complete a business combination by one month, stated as from September 9, 2023 to October 8, 2023. The note bears no interest, matures on the closing of a business combination, and may be converted by the holder into IPO-identical units at $10.00 per unit. Why it matters: A third consecutive month at $116,777.35, taking the sponsor's convertible extension paper to roughly $350,000 at $10.00 per unit across the June, July and August notes. The stated periods again do not join up: the July note ran 'to September 8, 2023' and this one begins 'September 9, 2023' but ends October 8 rather than October 9, so the month boundaries drift by a day each time. The date this filing establishes is October 8, 2023.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.