LE Worldwide Limited entered into definitive merger agreement to acquire Ace Global Business Acquisition Limited (NasdaqCM:ACBA) in a reverse merger for approximately $120 million on December 23, 2022. Post acquisition, LE Worldwide will become a publicly listed company. Ace will aim to secure cash proceeds exceeding $20 million from a private investment in public equity (PIPE).

Subject to the terms and conditions set forth in the Merger Agreement, upon the closing of the transactions, the LE Worldwide and Ace Global Business plan to remain NASDAQ-listed under a new ticker symbol. Agreement has been unanimously approved by Ace Global Business board and is still subject to Ace Global's shareholders approval. As of March 24, 2023, it extend the period of time the Company has to complete a business combination for an additional 3 months period, from April 9, 2023 to July 8, 2023.

As on June 13, 2023, expected completion date of business combination has been extended with a range of July 9, 2023 to August 8, 2023. As of August 18, 2023, the expected completion period is September 9, 2023, to October 8, 2023. As of September 21, 2023, the expected completion period is October 8, 2023 to April 8, 2024.

DLA Piper LLP (US) is acting as legal advisor to Ace Global Business Acquisition Limited and Loeb & Loeb LLP is acting as the legal advisor to LE Worldwide Limited.