12:23 PM EDT, 05/24/2024 (MT Newswires) -- Ace Global Business Acquisition ( ACBA ) said Friday its business combination agreement with LE Worldwide was mutually terminated and it is ending the business combination efforts.

The company said the deal was terminated due to concern about LE Worldwide's ability to sustain operations post-business combination as it faces significant revenue decline, liquidity issues with bank financings, and uncertainty regarding the supply of its products.

Ace Global is going to liquidate and dissolve after its board decided that there was not enough time to complete an initial business combination within the specified timeframe outlined in the charter, according to the company.

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