One of the major providers of data-enabled greenhouse farming systems, LE Worldwide Limited, entered into a merger agreement with Ace Global Business Acquisition Limited. Ace mentioned in its press release, that it seeks to get more than $20 million in cash through private investment in public stock (PIPE). At closure, the merged business will have an estimated pre-money enterprise value of $150 million USD. After the closure, the parties intend to continue being listed on NASDAQ under a new ticker symbol.
LE Worldwide Limited and Ace Global Business Acquisition have announced in a press release entering into a merger agreement, the parties intend to continue being listed on NASDAQ once the transactions are completed under a new ticker symbol, subject to the terms and circumstances outlined in the Merger Agreement.
With one of the largest LED product production and research facilities in Asia, LE and its parent, subsidiaries, and connected firms, together known as the Group, have multi-generational competence in Light-Emitting Diode (LED) technology. The Group’s core offerings are consumer and commercial LED lighting solutions that work with the Internet of Things (IoT) and smart city initiatives. Currently, it is anticipated that LE’s present management group will continue to lead the merged business following the deal.
“The merger with Ace and the launch of LE on the NASDAQ are exciting developments for LE. The company’s recent success in the market for LED horticulture growth lights has allowed us to expand our products and turn into an integrated provider of Controlled Environment Agriculture (“CEA”) ecosystems despite having years of experience in the lighting sector. In the future, a large growth in the revenue mix of the company’s data-related smart infrastructure is anticipated ” Teddy Lo, LE’s CEO, remarked.
“Ace has always aimed to provide the groundwork for a flourishing public business while adhering steadfastly to principles like thoroughness and patience throughout the legal procedure. We are thrilled and proud to be connected with LE, a business with a capable management team that helps agriculture during escalating worldwide production demands. We are thrilled to be a part of this merger and are looking forward to cooperating to make the deal happen “said Ace CEO Eugene Wong.
Image provided by Savvas Stavrinos