Ace Global Business Acquisition Ltd: debt financing — ACBA deposits $98.9K into trust, extends business combination deadline to Jan 8, 2024

Ace Global Business Acquisition Ltd

Sponsor deposited $98,858.95 into trust to extend deadline from Dec 9, 2023 to Jan 8, 2024.
Company issued unsecured promissory note to sponsor; no interest, convertible into units at $10/unit.
Note principal of $98,858.95 equates to ~$0.05 per ordinary share.
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 0.95

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.

Instrument: loan
Principal: $98,858.95
Counterparty: Ace Global Investment Limited
Rate: does not bear interest
Maturity: upon the closing of a business combination
Event: incurrence

Exact text from the filing

On November 14, 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 in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from December 9, 2023 to January 8, 2024.

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Source: SEC EDGAR

accession 0001213900-23-087722

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