Ace Global Business Acquisition Limited Announces Extension of Combination Period and Additional Contribution to Trust Account to Extend Combination Period

NEW YORK, Jan. 9, 2023 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA, the "Company"), a special purpose acquisition company, announced today that at its annual general meeting of shareholders on January 5, 2023 (the "Meeting"), the Company's shareholders voted in favor of the proposal to amend its memorandum and articles of association, giving the Company the right to extend the date by which the Company has to complete a business combination (the "Combination Period") a total of five (5) times, as follows: (i) two (2) times for an additional three (3) months each time from January 8, 2023 to July 8, 2023, followed by (ii) three (3) times for an additional one (1) month each time from July 8, 2023 to October 8, 2023. On January 5, 2023, Ace Global Investment Limited, the Company's initial public offering sponsor ("Sponsor"), deposited into the Company's trust account (the "Trust Account") an aggregate of $350,332.05 (representing approximately $0.15 per ordinary share issued at the Company's initial public offering that has not been redeemed), in order to extend the period of time the Company has to complete a business combination for an additional three (3) months, from January 8, 2023 to April 8, 2023. The Company issued a promissory note to 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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