Ace Global Business Acquisition Ltd: debt financing — Ace Global extends business combination deadline to Dec 8, 2023 with $98,859 sponsor deposit

Ace Global Business Acquisition Ltd

Sponsor deposited $98,858.95 into trust account to extend deadline one month from Nov 9 to Dec 8, 2023.
Company issued unsecured promissory note to sponsor for same amount; no interest, convertible at $10/unit.
Extension provides additional time to complete a 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 0.9

Ace Global Business Acquisition Ltd incurred loan of $98,858.95 with Ace Global Investment Limited at does not bear interest maturing upon the closing of a business combination by the Company.

Instrument: loan
Principal: $98,858.95
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 November 2, 2023, Ace Global Business Acquisition Limited (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $98,858.95 (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

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Source: SEC EDGAR

accession 0001213900-23-083657

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