NEW YORK, May 24, 2024 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA) (the "Company"), a special purpose acquisition company, announced today that the Business Combination Agreement dated December 23, 2022 between the Company and LE Worldwide Limited, a British Virgin Islands business company ("LE Worldwide") (as supplemented by a Joinder Agreement dated March 2, 2023 between the Company, LE Worldwide, ACBA Merger Sub I Limited, a British Virgin Islands business company and wholly ow ...

NEW YORK, April 8, 2024 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA) (the "Company"), a special purpose acquisition company, announced today that at its annual general meeting of shareholders on April 2, 2024, the Company's shareholders voted in favor of the proposal to amend and restate its amended and restated memorandum and articles of association, giving the Company the right to extend the date by which the Company has to complete a business combination a total of six (6) times ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-40309 ACE GLOBAL BUSINESS ACQUISITION LIMITED (Exact name of registrant as specified in its charter) | --- | --- | |------------- ...

NEW YORK, Feb. 23, 2024 /PRNewswire/ -- Ace Global Business Acquisition Limited (NASDAQ: ACBA) (the "Company"), a special purpose acquisition company, announced today that Ace Global Investment Limited, the Company's initial public offering sponsor (the "Sponsor"), has deposited into the Company's trust account (the "Trust Account") an aggregate of $98,858.95 representing, approximately $0.05 per ordinary share, in order to extend the period of time the Company has to complete a business combination for an ...

Strengthening Smart Agriculture Through Strategic Co-Research HONG KONG, Feb. 9, 2024 /PRNewswire/ -- LE Worldwide Limited ("LEW"), a leading provider of innovative grow light solutions, is pleased to announce the signing of a co-research collaborative agreement between its subsidiary and the prestigious Beijing Academy of Agriculture and Forestry Sciences ("BAAFS"). This strategic partnership aims to advance research and drive innovation in the field of smart farming. Since its establishment in 1958, BAAFS ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40309 ACE GLOBAL BUSINESS ACQUISITION LIMITED (Exact Name of Registrant as Specified in Its Charter) | --- | --- | |------------------- ...

Financial Performance - The net loss for the six months ended June 30, 2023, was $1,602,040, compared to a net loss of $1,455,863 for the same period in 2022, indicating a year-over-year increase in losses [71]. - The basic and diluted net loss per share for the three months ended June 30, 2023, was $(0.17), compared to $(0.42) for the same period in 2022 [73]. - For the three months ended June 30, 2023, the basic and diluted net loss per share was $0.10, compared to a net loss per share of $(0.08) for the same period in 2022 [75]. - The allocation of net loss for the three months ended June 30, 2023, was $(189,781), an increase from $(118,148) in the same period of 2022 [74]. - The company incurred $30,000 in administrative service fees for both the three months ended June 30, 2023, and 2022 [83]. Shareholder Information - As of June 30, 2023, the company had 2,335,547 ordinary shares subject to possible redemption, down from 4,600,000 ordinary shares as of December 31, 2022 [57]. - The total ordinary shares issued as of June 30, 2023, was 6,054,000, with 1,454,000 shares classified as equity [99]. - The company sold 4,600,000 public units at a price of $10.00 per unit during its initial public offering [78]. - The share price increased from $10.62 on December 31, 2022, to $11.21 on June 30, 2023, reflecting an increase of approximately 5.6% [106]. Financial Position - The company did not have any cash equivalents as of June 30, 2023, and December 31, 2022 [51]. - The company had a balance due to related parties of $1,679,213 as of June 30, 2023, compared to $893,814 as of December 31, 2022 [82]. - The company issued unsecured promissory notes totaling $2,183,642 as of June 30, 2023, to extend the time available to complete a business combination [86]. - The fair value of the company's financial instruments approximates the carrying amounts represented in the unaudited condensed consolidated balance sheet as of June 30, 2023 [63]. - As of June 30, 2023, the fair value of U.S. Treasury Securities held in the Trust Account was $26,265,732, down from $48,982,188 as of December 31, 2022, indicating a decrease of approximately 46.6% [101][103]. - The aggregate value of Private Warrants as of June 30, 2023, was $17,477, a decrease of approximately 42.5% from $30,000 as of December 31, 2022 [106][107]. Tax and Compliance - The company recognized zero income tax provision for the periods ended June 30, 2023, and 2022, as it is considered an exempted British Virgin Islands Company [67]. - The company has not recognized any unrecognized tax benefits or accrued amounts for interest and penalties as of June 30, 2023 [66]. Business Operations - The company has made a policy election to recognize changes in redemption value in accumulated deficit immediately [58]. - The company accounts for its Public Warrants as equity and Private Warrants as liabilities, with changes in estimated fair value recognized as non-cash gains or losses [55]. - The underwriters are entitled to a deferred fee of 4.0% of the gross proceeds of the Initial Public Offering, amounting to $1,840,000, upon the closing of the Business Combination [112]. - The Company established the initial fair value for the private warrants at $1,258,560 on April 9, 2021, using a Black-Scholes model [104]. - The Company has invested the net proceeds from the Initial Public Offering in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less, minimizing exposure to interest rate risk [143]. Risk Factors - The risk-free interest rate rose significantly from 1.18% as of December 31, 2022, to 4.12% as of June 30, 2023 [106]. - Management is evaluating the impact of the COVID-19 pandemic, which could negatively affect the Company's future financial position and operations [110]. - The fair value measurement for Private Warrants is categorized as Level 3, requiring significant judgment due to the lack of observable market inputs [109].

Financial Performance - As of March 31, 2023, the company reported a net loss of $315,433, compared to a net loss of $309,109 for the same period in 2022[73]. - The total net loss including accretion of carrying value to redemption value was $1,294,111 for the three months ended March 31, 2023, compared to $316,764 for the same period in 2022[73]. - The basic and diluted net loss per share for the three months ended March 31, 2023, was $0.07, while for the same period in 2022, it was $(0.33)[74]. Shareholder Information - As of March 31, 2023, the company had 2,335,547 ordinary shares subject to possible redemption, down from 4,600,000 as of December 31, 2022[59]. - The company issued 1,454,000 ordinary shares as of March 31, 2023, excluding 2,335,547 shares subject to possible redemption[90]. - The company has 4,600,000 public warrants outstanding as of March 31, 2023, each entitling the holder to purchase one ordinary share at an exercise price of $11.50[90]. Financial Position - The company did not have any cash equivalents as of March 31, 2023, and December 31, 2022[54]. - The company recognized zero income tax provision for the periods ended March 31, 2023, and 2022[69]. - The fair value of certain financial instruments approximates the carrying amounts represented in the balance sheet as of March 31, 2023[63]. - The company has not experienced losses on its cash account and believes it is not exposed to significant credit risk[64]. - The company has not recognized any unrecognized tax benefits or accrued amounts for interest and penalties as of March 31, 2023[68]. Business Combination and Obligations - The company is obligated to pay a monthly fee of $10,000 for administrative services starting from April 1, 2021, until the completion of the Business Combination[85]. - The company has the option to extend the time to consummate a Business Combination up to 30 months, with specific conditions for extensions[86]. - The company issued unsecured promissory notes totaling $2,066,865 as of March 31, 2023, to extend the time available for completing a Business Combination[87]. Initial Public Offering (IPO) - The company sold 4,600,000 Public Units at a price of $10.00 per unit during its Initial Public Offering, raising a total of $46 million[79]. - The company incurred an upfront underwriting discount of $920,000, which is 2% of the gross offering proceeds, with an additional deferred underwriting discount of $1,840,000, or 4% of the gross offering proceeds, payable upon completion of the Business Combination[80]. - The underwriters are entitled to a deferred fee of 4.0% of the gross proceeds of the Initial Public Offering, amounting to $1,840,000[110]. Investment and Market Conditions - The company has invested the net proceeds from its Initial Public Offering in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less[112]. - The company has no material exposure to market or interest rate risk due to the short-term nature of its investments[112]. - The risk-free interest rate increased to 3.59% as of March 31, 2023, from 1.18% on December 31, 2022[105]. - The volatility of the company's shares decreased to 0.8% as of March 31, 2023, from 1% on December 31, 2022[105]. Fair Value Measurements - As of March 31, 2023, the aggregate value of Private Warrants was $14,352, a decrease of approximately $4,352 from December 31, 2022[105]. - The fair value of Private Warrants was initially established at $1,258,560 on April 9, 2021, using a Black-Scholes model[102]. - The change in fair value of Private Warrants from December 31, 2021, to March 31, 2022, was approximately $(80,000)[106]. COVID-19 Impact - The company is currently evaluating the impact of the COVID-19 pandemic on its future financial position and operations[108].

Financial Reporting and Internal Controls - A material weakness in internal control over financial reporting was identified as of December 31, 2022, which may affect the accuracy and timeliness of financial reporting[90]. - Disclosure controls and procedures were evaluated as ineffective as of December 31, 2022, indicating potential weaknesses in financial reporting[161]. - The company identified material weaknesses in internal control over financial reporting related to the accounting for warrants, ordinary shares subject to possible redemption, and accrued expenses[166]. - The company plans to enhance its internal control over financial reporting by providing better access to accounting literature and increasing communication among personnel and third-party professionals[167]. - The Audit Committee consists of independent directors Robert Morris, Yan Xu, and Leslie Chow, who are responsible for overseeing financial reporting and compliance[181]. - Leslie Chow is designated as the "audit committee financial expert" under SEC regulations, ensuring financial literacy within the Audit Committee[184]. - The company has established a remediation plan to address identified material weaknesses, although it cannot guarantee the effectiveness of these initiatives[167]. Business Combination and Operations - The company must complete its initial business combination by April 8, 2023, or it will cease operations and redeem public shares at a price of $10.65 per share[108]. - The company may seek business combination opportunities outside of its management's area of expertise if the current business combination is not consummated[119]. - The company intends to focus on opportunities in the artificial intelligence and related technology innovations market in North America for future business combinations[275]. - The company has a 12-month period from the IPO to complete a business combination, extendable up to 30 months, with four extensions already granted[145]. - If the company fails to complete a business combination by April 8, 2023, it will redeem 100% of outstanding public shares for a pro rata portion of the Trust Account funds[145]. Financial Performance - The company had a net income of $1,084,218 for the year ended December 31, 2022, driven by a change in the fair value of the warrant liability of $1,230,000 and dividend income of $693,058[139]. - For the year ended December 31, 2021, the company reported a net loss of $1,002,595, primarily due to operating costs of $1,024,127[140]. - The company reported a net income of $1,084,218 for the year ended December 31, 2022, compared to a net loss of $1,002,595 for the year ended December 31, 2021, indicating a significant turnaround[263]. - Basic and diluted net income per share for the year ended December 31, 2022, was $0.29, compared to a loss of $(1.27) per share for the year ended December 31, 2021, indicating improved profitability on a per-share basis[264]. Shareholder and Equity Information - Initial shareholders own approximately 38.4% of the ordinary shares and have agreed to vote in favor of the initial business combination, increasing the likelihood of receiving requisite shareholder approval[99]. - The company may issue a substantial number of shares in the future, which could adversely affect the market price of its ordinary shares[97]. - If a significant number of ordinary shares are redeemed, trading liquidity may decrease, potentially limiting investors' ability to sell their shares[95]. - The company will only enter into business combinations approved by a majority of independent directors, ensuring compliance with Nasdaq listing rules[180]. - All existing shareholders, including officers and directors, have agreed to vote their shares in favor of any proposed business combination[199]. Trust Account and Liquidation - The trust account funds may be subject to third-party claims, potentially reducing the per-share liquidation price for shareholders below $10.65[110]. - If the company is deemed insolvent, the trust account proceeds could be included in the insolvent estate, affecting the return to public shareholders[112]. - The total amount placed in the Trust Account after the IPO was $46,920,000, which will be invested in U.S. government securities[279]. - Shareholders will have the opportunity to redeem their Public Shares for a pro rata portion of the Trust Account, initially set at $10.20 per Public Share[285]. IPO and Financing - The company raised gross proceeds of $46,000,000 from its IPO by selling 4,000,000 units at an offering price of $10.00 per unit, with an additional 600,000 units sold due to underwriter's full exercise of the option[133]. - A total of $46,920,000 from the IPO and private placement was placed in a trust account for the benefit of the company's public shareholders[133]. - The company incurred $1,125,000 in IPO-related costs, including $920,000 in underwriting fees and $205,000 in other costs[142]. - The company intends to use substantially all net proceeds from the IPO to acquire target businesses and cover related expenses, with remaining funds allocated for working capital, marketing, and R&D[143]. Risks and Concerns - The company may face significant adverse consequences if its securities are delisted from the Nasdaq Capital Market, including reduced liquidity and a potential classification as a "penny stock"[113]. - The COVID-19 outbreak may materially adversely affect the business combination or post-combination company, depending on future developments[117]. - The financial statements indicate a significant working capital deficiency and substantial doubt about the company's ability to continue as a going concern[246]. - The company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain operations[246]. Shareholder Agreements and Compensation - No executive officer has received any cash compensation for services rendered, and no compensation will be paid prior to the consummation of a business combination[205]. - All ongoing and future transactions with officers and directors will require prior approval by the audit committee and a majority of independent directors[200]. - The company has adopted a code of conduct and ethics applicable to its directors, officers, and employees[202]. - The company has agreed not to consummate business combinations with entities affiliated with initial shareholders without an independent fairness opinion[228].