NEW
YORK, July 12, 2022 /PRNewswire/ -- DDC
Enterprise Limited (the "Company" or "DDC"), a digital publisher
and merchandising company that owns and operates the brand
DayDayCook, and Ace Global Business Acquisition Limited ("Ace")
(NASDAQ: ACBA, ACBAU, ACBAW), a special purpose acquisition company
("SPAC"), today announced that both parties have mutually agreed to
terminate their previously announced Share Exchange Agreement
("Share Exchange Agreement"), effective immediately.
Both parties decided to mutually terminate the Share Exchange
Agreement as a result of unfavorable market conditions.
"I want to thank our SPAC partner, Ace, for their leadership
over the last year. Together, we've made an incredible effort to
make this deal happen, but given the state of the market, we've
determined that this course is no longer the best option for the
company. This choice has been made to ensure DDC is in the greatest
possible position to carry out its long-term strategic goals and
capitalize on the exceptional growth potential in this market. As
we move into Q2 2022, we will continue striving towards our goal of
being the world leader in content-driven lifestyle brands for
young food lovers located in Asian markets," said Norma Chu, Founder and CEO of DDC.
"We still think that DDC is a great company with an exciting
future ahead of them, but even high-growth enterprises are finding
the environment hard as a result of the present market conditions.
As DDC exits this phase and continues forward with its goal of
becoming a world-class culinary and lifestyle brand, we wish them
every success," said Eugene Wong,
CEO of Ace.
About DDC
DDC Enterprise Limited is a private company incorporated in the
Cayman Islands in 2012, which
started its business in Hong Kong
and expanded its business to Shanghai, PRC in 2015. DDC is a digital
publisher and merchandiser for Asian cooking based in Hong Kong and Mainland China and mainly runs
the leading content-driven lifestyle brand, DayDayCook for young
food lovers who are seeking quality food and convenience from
ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food
products. An omni-channel approach is adopted by DDC to promote and
sell their products, including online, offline and social commerce
channels. DDC also continuously builds brand recognition and fan
base through online video contents, such as recipe video, product
evaluation, live streaming and advertising videos.
About Ace Global Business Acquisition Limited
Ace is a British Virgin Islands
company incorporated as a blank check company for the purpose of
entering into a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization or similar business
combination with one or more businesses or entities.
Forward-Looking Statements
This document contains certain "forward-looking statements"
within the meaning of the federal securities laws, including with
respect to the pursuit by Ace Global Business Acquisition Limited
("Ace") of a business combination transaction. These
forward-looking statements are generally identified by words such
as "anticipate," "believe," continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "strive," "would" or
the negatives of these words or words of similar meaning.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Such forward-looking statements are based upon
the current beliefs and expectations of the management of Ace and
are inherently subject to significant business, economic and
competitive risks, uncertainties and contingencies. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of Ace, including those set forth in the
"Risk Factors" section of Ace's Quarterly Reports on Form 10-Q,
Ace's registration statement, the preliminary prospectus for Ace's
offering and other documents filed by Ace from time to time with
the U.S. Securities and Exchange Commission (the "SEC"). You are
cautioned not to place undue reliance on these forward-looking
statements as a predictor of future results, performance and/or
achievements as projected financial information and other
information are based on estimates and assumptions, whether or not
identified in this document, that are inherently subject to various
significant risks, uncertainties, contingencies and other factors,
many of which are difficult to predict and generally beyond the
control of the parties involved in the proposed transaction. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Ace assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Ace gives
no assurance that it will achieve its expectations.
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SOURCE Ace Global Business Acquisition Limited