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Ace Global Business Acquisition enters proposed merger pact with LE Worldwide
The Fly

Ace Global Business Acquisition enters proposed merger pact with LE Worldwide

Ace Global Business Acquisition announced that it has entered into a definitive merger agreement with LE Worldwide Limited, a key component provider of data-enabled greenhouse farming solutions, providing for a proposed business combination that, if consummated, will result in LE becoming a publicly listed company. Subject to the terms and conditions set forth in the Merger Agreement, upon the closing of the transactions, the parties plan to remain NASDAQ-listed under a new ticker symbol. Subject to the terms and conditions set forth in the BCA, under the terms of the Merger Agreement, Ace will merge with and into ACBA Merger Sub I Limited, a British Virgin Islands business company and wholly owned subsidiary of the Ace, such that Purchaser will be the surviving entity. Immediately following the Reincorporation Merger, the Parties of the Agreement shall effect a merger of ACBA Merger Sub II Limited, a British Virgin Islands business company and wholly owned subsidiary of Purchaser, formed for the sole purpose of merging with and into LE in which LE will be the surviving entity and a wholly owned subsidiary of Purchaser. Upon the closing of the Acquisition Merger, each share of Purchaser common stock will be entitled to one vote on all matters subject to vote at general and special meetings of the post-business combination company. Upon the Acquisition Merger becoming effective, the Purchaser shall pay an aggregate consideration of $150,000,000 to the company’s shareholders which shall be issued and divided into $10.00 per Ordinary Share of the Purchaser. As part of the transaction, Ace will aim to secure cash proceeds exceeding $20M from a private investment in public equity, and the company will have a pre-money enterprise value of approximately $150M at closing.

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