Ace Global Business Acquisition Limited announced a private placement to issue an unsecured promissory note for the gross proceeds of $116,777.35 on August 15, 2023. The transaction included participation from returning investor Ace Global Investment Limited. The Note does not bear interest and matures upon the closing of a business combination by the Company.

In addition, the Note may be converted by the holder into units of the Company identical to the units issued in the Company?s initial public offering at a price of $10.00 per unit.