ACE GLOBAL BUSINESS ACQUISITION LIMITED

(ACBA)
Delayed Nasdaq  -  05/27 11:08:17 am EDT
10.27 USD   +0.20%
05/16ACE GLOBAL BUSINESS ACQUISITION LTD Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
AQ
05/16Ace Global Business Acquisition Limited Reports Earnings Results for the First Quarter Ended March 31, 2022
CI
03/31ACE GLOBAL BUSINESS ACQUISITION LTD : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
AQ
SummaryQuotesChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

ACE GLOBAL BUSINESS ACQUISITION LTD : Non-Reliance on Previous Financials, Audits or Interim Review (form 8-K)

12/22/2021 | 11:23am EDT
Item 4.02    Non-Reliance on Previously Issued Financial Statements or Related
             Audit Report or Completed Interim Report.



On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled "Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ("SPACs")" (the "SEC Statement"). Specifically, the SEC Statement focused on certain provisions that provided for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant, which terms are similar to those contained in the warrant agreement governing the warrants of Ace Global Business Acquisition Limited (the "Company"). As a result of the SEC Statement, on December 20, 2021, the Company reevaluated the accounting treatment of the 4,600,000 warrants that were issued to the Company's public shareholders in the Company's Initial Public Offering (the "Public Warrants"). The Company previously accounted for the Public Warrants as components of liabilities. The Company should have classified the Public Warrants as components of equity in its previously issued financial statements.

The Company's accounting for the Public Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company's previously reported operating expenses or cash.

In addition, in accordance with the SEC and its staff's guidance on redeemable equity instruments, ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. On December 20, 2021, the Company determined that the threshold would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside equity.

As a result, the Company's previously issued (i) audited balance sheet as of April 9, 2021 included in the Company's Current Report on Form 8-K/A filed with the SEC on May 19, 2021, (ii) unaudited interim financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 16, 2021 (collectively, the "Affected Periods"), in each case, should be corrected to classify public warrants as equity and all of the public shares as temporary equity and should no longer be relied upon.

In connection with the restatement, the Company's management reassessed the effectiveness of its disclosure controls and procedures for the periods affected by the restatement. As a result of that reassessment, the Company's management determined that its disclosure controls and procedures for such periods were not effective due to a material weakness in internal controls over financial reporting related to the classification of the Company's warrants as components of equity instead of as derivative liabilities and the allocation and treatment of the initial transaction costs of the initial public offering. For more information, see Item 9A included in this Annual Report on Form 10- Q/A.

The Company has reflected these corrections in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with SEC on November 16, 2021, and in this amended Annual Report on Form 10-Q/A for the period ended September 30, 2021. The Company does not expect the changes described above to have any impact on its cash position or the balance held in the trust account. The Company has not amended its previously filed Quarterly Reports on Form 10-Q or Current Reports on Form 8-K for the period affected by the restatement. The financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this interim Report on Form 10-Q/A, and the financial statements and related financial information contained in such previously filed reports should no longer be relied upon.

The Company's management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with Friedman LLP, the Company's independent registered public accounting firm.

© Edgar Online, source Glimpses

All news about ACE GLOBAL BUSINESS ACQUISITION LIMITED
05/16ACE GLOBAL BUSINESS ACQUISITION LTD Management's Discussion and Analysis of Financial ..
AQ
05/16Ace Global Business Acquisition Limited Reports Earnings Results for the First Quarter ..
CI
03/31ACE GLOBAL BUSINESS ACQUISITION LTD : Regulation FD Disclosure, Financial Statements and E..
AQ
03/28Ace Global Business Acquisition Secures Additional Funding to Extend Initial Merger Com..
MT
03/28ACE GLOBAL BUSINESS ACQUISITION : Announces Additional Contribution to Trust Account to Ex..
PU
03/28ACE GLOBAL BUSINESS ACQUISITION LTD : Creation of a Direct Financial Obligation or an Obli..
AQ
02/28ACE GLOBAL BUSINESS ACQUISITION LTD MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL ..
AQ
02/28Ace Global Business Acquisition Limited Reports Earnings Results for the Full Year Ende..
CI
02/11ACE GLOBAL BUSINESS ACQUISITION LTD : Regulation FD Disclosure, Financial Statements and E..
AQ
2021ACE GLOBAL BUSINESS ACQUISITION : Amendment to Quarterly Report (Form 10-Q/A)
PU
More news
Financials (USD)
Sales 2021 - - -
Net income 2021 -1,02 M - -
Net Debt 2021 0,06 M - -
P/E ratio 2021 -46,9x
Yield 2021 -
Capitalization 62,2 M 62,2 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 76,0%
Chart ACE GLOBAL BUSINESS ACQUISITION LIMITED
Duration : Period :
Ace Global Business Acquisition Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Eugene Wong Chairman & Chief Executive Officer
Xue-Wei Tan Chief Financial Officer
Robert Morris Independent Director
Yan Xu Independent Director
Chun Hin Chow Independent Director
Sector and Competitors