Ace Global Business Acquisition Ltd: debt financing — SPAC Ace Global extends business combination deadline to April 8, 2024 with $98,859 sponsor loan

Ace Global Business Acquisition Ltd

Sponsor deposited $98,858.95 into trust to extend period from March 9 to April 8, 2024.
Company issued unsecured promissory note to sponsor, no interest, convertible at $10/unit upon business combination.
Extension provides additional month to complete initial business combination.
Note convertible into units identical to IPO units (one ordinary share + one warrant).

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 maturing upon the closing of a business combination.

Instrument: loan
Principal: $98,858.95
Counterparty: Ace Global Investment Limited
Maturity: upon the closing of a business combination
Event: incurrence

Exact text from the filing

On February 22, 2024, 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 March 9, 2024 to April 8, 2024.

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Source: SEC EDGAR

accession 0001213900-24-016283

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