SPAC Ace Global Business Acquisition II files for a $65 million IPO, targeting decarbonization and tech

Ace Global Business Acquisition II, a blank check company targeting decarbonization and the gaming and e-commerce sectors, filed on Monday with the SEC to raise up to $65 million in an initial public offering.

The Hong Kong-based company plans to raise $65 million by offering 6.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Ace Global Business Acquisition II would command a market value of $82 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. The company plans to target businesses that offer or integrate innovative solutions that contribute to the decarbonization of the economy or enable the global transition to a lower-carbon economy, as well as businesses in the gaming and e-commerce sectors.

Management's previous SPAC, Ace Global Business Acquisition (ACBA; +1% from $10 offer price), announced a merger agreement with digital publisher DDC Enterprise in August.

Ace Global Business Acquisition II was founded in 2018 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: AGBAU.RC). EF Hutton and Brookline Capital Markets are the joint bookrunners on the deal.