DDC Enterprise Limited signed a letter of intent to acquire Ace Global Business Acquisition Limited (NasdaqCM:ACBA) from Ace Global Investment Limited and others for approximately $340 million in a reverse merger transaction on August 2, 2021. DDC Enterprise Limited signed a share exchange agreement to acquire Ace Global Business Acquisition Limited from Ace Global Investment Limited and others for approximately $340 million in a reverse merger transaction on August 23, 2021. Under the terms of the agreement, DDC shareholders will receive 30 million of common shares. At Closing, the Ace Global shall place 10% of the consideration into escrow and remaining will release 1 year after closing. Certain management members of DDC contingent right to receive additional earnout consideration. In the event that the Ace Global's revenue exceeds (i) forty-one million dollars for the fiscal year ended December 31, 2021, then DDC Management shall receive one million Earnout Shares; (ii) $66,000,000 for the fiscal year ended December 31, 2022, then Management shall receive one million Earnout Shares; and (iii)  $118 million for the fiscal year ended December 31, 2023, then Management shall receive one million Earnout Shares. In addition, in the event that the volume weighted-average per-share trading price of the Purchaser Ordinary Shares is at or above $18 per share for 20 consecutive trading days in any twenty (20)-day continuous trading period starting on the day of Closing and ending on December 31, 2025, then Management shall receive 600,000 Earnout Shares. DDC will aim to raise a private investment in public equity (PIPE) of approximately $30-40 million. Following closing of the transaction, the parties plan to remain NASDAQ-listed under a new ticker symbol. Under the terms of the Merger Agreement, Ace will merge with DDC, resulting in DDC being a listed company on the Nasdaq Capital Market and DDC's current management team will continue running the combined company after the transaction.

The transaction is subject to approval by the Ace Global shareholders, third party consents, approval by at least 70% of the DDC shareholders, requirement of at least $10 million of Ace Global cash, obtaining equity financing of $10 million from the insiders, regulatory approvals, execution of employment agreement, DDC shall buy back 200,000 Ace Ordinary Shares from Ace Global Investment Limited at $10 per Ace Ordinary Share on the consummation of the Closing , and other customary closing conditions. The agreement was unanimously approved by the Boards of Directors of DDC and Ace Global. Ace's board of directors unanimously recommends that Ace's shareholders to vote in favor of the transaction. The transaction is expected to close on February 1, 2022. As of March 28, 2022, Ace has deposited into the Company's trust account an aggregate of $455,400 in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from April 9, 2022 to July 8, 2022. The Benchmark Company, LLC and Brookline Capital Markets, a Division of Arcadia Securities, LLC are acting as financial advisors to Ace Global for this transaction. Jon Venick of DLA Piper LLP (US) is acting as legal advisor to Ace Global Business Acquisition Limited. Lawrence Venick of Loeb & Loeb LLP is acting as the legal advisor to DDC Enterprise Limited. Moore Transaction Services Limited and Grandall Law Firm acted as due diligence provider to Ace. Advantage Proxy, Inc. acted as proxy solicitor to Ace for which ace will pay a fee of $6,000 to Advantage Proxy, Inc. Friedman LLP provided auditor's report on financials of Ace Global while KPMG Huazhen LLP provided auditor's report on financials of DDC.

DDC Enterprise Limited cancelled the acquisition of Ace Global Business Acquisition Limited (NasdaqCM:ACBA) from Ace Global Investment Limited and others on July 12, 2022.