Ace Global Business Acquisition Ltd: debt financing — Ace Global SPAC extends business combination deadline to Oct 8, 2023 with $116,777 sponsor deposit

Ace Global Business Acquisition Ltd

Sponsor Ace Global Investment Ltd deposited $116,777.35 into trust account to fund one-month extension, amounting to ~$0.05 per ordinary share.
Deadline extended from September 9, 2023 to October 8, 2023 to allow more time to complete a business combination.
Company issued an unsecured, non-interest-bearing promissory note to sponsor for the deposit amount, convertible into units at $10.00 per unit upon closing.
Extension is the latest in a series of monthly extensions; no definitive business combination agreement has been announced yet.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ace Global Business Acquisition Ltd incurred loan of $116,777.35 with Ace Global Investment Limited at does not bear interest maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $116,777.35
Counterparty: Ace Global Investment Limited
Rate: does not bear interest
Maturity: upon the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On August 15 th , 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 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 September 9, 2023 to October 8, 2023

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Source: SEC EDGAR

accession 0001213900-23-068765

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