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Asia-focused SPAC Ace Global Business Acquisition files for a $40 million IPO

February 9, 2021

Ace Global Business Acquisition, a blank check company targeting gaming and e-commerce in China, Japan, and Southeast Asia, filed on Tuesday with the SEC to raise up to $40 million in an initial public offering.

The Hong Kong, China-based company plans to raise $40 million by offering 4 million units at $10. Each unit will consist of one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, Ace Global Business Acquisition will command a market value of $53 million.

The company is led by CEO and Chairman Eugene Wong, who currently serves as Managing Director of Whiz Partners Asia and Partner and CIO of the China Hero PJ Fund. He is joined by CFO Nicholas Tan, who has been a Partner at East Ocean Capital since 2015. Ace Global Business Acquisition intends to capitalize on its management team's network and focus on target businesses operating in the Greater China, Japan, and Southeast Asia regions, focusing on the gaming and e-commerce sectors.

Ace Global Business Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ACBAU. Ladenburg Thalmann and Brookline Capital Markets are the joint bookrunners on the deal.