Asia-focused SPAC Ace Global Business Acquisition prices $40 million IPO

Ace Global Business Acquisition, a blank check company targeting gaming and e-commerce in China, Japan, and Southeast Asia, raised $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.

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 plans to list on the Nasdaq under the symbol ACBAU. Ladenburg Thalmann and Brookline Capital Markets acted as lead managers on the deal.