Ace Global Business Acquisition Ltd: debt financing — Ace Global extends business combination deadline to August 8, 2023 via $116,777 Sponsor deposit

Ace Global Business Acquisition Ltd

Sponsor Ace Global Investment deposited $116,777.35 into trust account to extend deadline by one month.
Extension moves business combination deadline from July 9, 2023 to August 8, 2023.
Deposit equates to ~$0.05 per ordinary share outstanding.
Company issued a non-interest-bearing promissory note to Sponsor, convertible into units at $10.00 per unit at deal close.
Extension provides additional time for target business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Ace Global Business Acquisition Ltd incurred loan of aggregate principal amount of $116,777.35 with Ace Global Investment Limited at bears no interest maturing matures upon the closing of a business combination by the Company.

Instrument: loan
Principal: aggregate principal amount of $116,777.35
Counterparty: Ace Global Investment Limited
Rate: bears no interest
Maturity: matures upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On June 13, 2023, Ace Global Business Acquisition Limited (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $116,777.35 (the “Note”) to Ace Global Investment Limited, the Company’s initial public offering sponsor (“Sponsor”) in exchange for the Sponsor depositing such amount into the Company’s trust account in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from July 9, 2023 to August 8, 2023. The Note bears no interest and matures upon the closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001213900-23-048359

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