Eugene Wong's SPAC Ace Global Business Acquisition II withdraws $65 million IPO

Ace Global Business Acquisition II, a blank check company targeting decarbonization and the gaming and e-commerce sectors, withdrew its plans for an initial public offering on Tuesday. It had filed in January 2022 to raise $65 million by offering 6.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant.

The company was set to be led by CEO and Chairman Eugene Wong, the Managing Director of Whiz Partners Asia and Partner and CIO of the China Hero PJ Fund. The SPAC had planned 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; +6% from $10 offer price), announced in December that it would merge with greenhouse farming solutions provider LE Worldwide. It had previously announced a merger with digital publisher DDC Enterprise in August 2021, but terminated the agreement the following July.

The Hong Kong-based company was founded in 2018 and had planned to list on the Nasdaq, but had not selected a symbol (RC ticker: AGBAU.RC). EF Hutton and Brookline Capital Markets were set to be the joint bookrunners on the deal.