DayDayCook Announces Merger Agreement with Ace Global Business Acquisition Limited
Thursday, August 26, 2021
(Press Release) – DayDayCook (“DDC” or the “Company”), a leading content driven direct-to-consumer brand in Hong Kong and Mainland China, announces today that it has entered into a definitive merger agreement (the “Merger Agreement”) with Ace Global Business Acquisition Limited (“Ace”) (NASDAQ: ACBA, ACBAU, ACBAW), a special purpose acquisition company, providing for a business combination that will result in DayDayCook becoming a publicly listed company. Upon closing of the transactions, the parties plan to remain NASDAQ-listed under a new ticker symbol.
As part of the transaction, Ace aims to complete a private investment in public equity (PIPE) of approximately $30-40MM, and the combined company will have a pro forma firm value of approximately $377-387MM at closing, assuming no shareholder redemption. DayDayCook will receive $46.9MM in cash from Ace’s trust account.
DayDayCook’s current management team will continue running the combined Company after the transaction.
“Today, DDC is thrilled to announce the merger with Ace to drive the creation of shareholder value. With the success and experience of the Group’s entry to the RTH, RTC and plant-based products in the market over the past two years, management expects the Group’s revenue will increase rapidly over the next few years, as market trend dictates that RTH and RTC foods’ penetration will continue to deepen in the foreseeable future. DDC expects to further develop its new RTH and RTC lines and focus on plant-based products. The proportion of the RTC and plant-based products are expected to increase significantly in the future,” said Norma Chu, Founder and CEO of DDC.
