Ace Global Business Acquisition Limited announced a private placement to issue an unsecured convertible promissory note at an issue price of $30,000 for the gross proceeds of $30,000 on April 16, 2024. The transaction included participation from returning investor Ace Global Investment Limited. The Company?s initial public offering sponsor in exchange for Sponsor depositing such amount into the Company?s trust account in order to extend the period of time the Company has to complete a business combination for an additional one month period, from May 9, 2024 to June 8, 2024.

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.