Ace Global Business Acquisition Limited, a special purpose acquisition company, has announced the mutual termination of its merger agreement with LE Worldwide Limited. Originally agreed upon in December 2022 and modified several times, the agreement was ultimately halted due to LE Worldwide’s declining business revenue, liquidity issues, and supply chain problems. A winding-up petition against LE Worldwide’s main supplier expedited the decision. Consequently, Ace Global will liquidate and dissolve, redeeming all outstanding public shares as per its charter, while its warrants will expire worthless.
Special Purpose Acquisition Companies (SPACs), Mergers & Acquisitions,United States, British Virgin Islands
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