Ace Global Business Acquisition Limited Announces Merger Agreement with DDC Enterprise Limited

August 25, 2021 | Cision PR Newswire | Portfolio
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NEW YORK, Aug. 25, 2021 /PRNewswire/ -- Ace Global Business Acquisition Limited ("Ace") (NASDAQ: ACBA, ACBAU, ACBAW), a special purpose acquisition company, announced today that it has entered into a definitive share exchange agreement (the "Merger Agreement") with DDC Enterprise Limited ("DDC"), a digital publisher and merchandiser company, providing for a business combination that will result in DDC becoming a publicly listed company. Upon the closing of the transactions, the parties plan to remain NASDAQ-listed under a new ticker symbol.

DDC and its subsidiaries, i.e. the Group, is a digital publisher and merchandiser company running the brand DayDayCook, which is currently one of the leading content-driven lifestyle brands for young food lovers. The main products of the Group are ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products, which bring convenience and quality food choices to the people. The Group produces culinary and lifestyle content across major social media platforms, promoting its products to attract and retain customers. By the end of July, it had 80 million active viewers, 5 million paid customers and two experience centres.

DDC's current management team will continue running the combined company after the transaction.

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