Ace Global Business Acquisition Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

NEW YORK, July 6, 2022 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA, ACBAU, ACBAW, the "Company"), a special purpose acquisition company, announced today that Ace Global Investment Limited, the Company's initial public offering sponsor (the "Sponsor"), has deposited into the Company's trust account (the "Trust Account") an aggregate of $455,400 (representing approximately $0.099 per ordinary share) in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from July 9, 2022 to October 8, 2022. The Company issued a promissory note to the Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company's units (with each unit consisting of one ordinary share, and one warrant to purchase one ordinary share) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

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