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On July 12, 2022, DDC Enterprise Limited and Ace Global Business Acquisition Limited announced the mutual termination of their Share Exchange Agreement due to unfavorable market conditions. DDC aims to focus on its long-term strategic goals and leverage growth potential in the content-driven lifestyle market. Both companies expressed appreciation for their partnership, with Ace acknowledging the challenges faced by high-growth enterprises in the current environment. DDC, founded in 2012, operates the DayDayCook brand, promoting quality food products across multiple channels.
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On November 8, 2021, DDC Enterprise Limited and Ace Global Business Acquisition Limited announced the filing of a preliminary proxy statement with the SEC regarding their proposed business combination. Ace plans to hold a shareholder meeting in Q4 2021 and aims to raise $30-40 million through private investment to support DDC's growth. DDC, a digital publisher known for its DayDayCook brand, has achieved approximately $13.6 million in revenue in H1 2021. The company also appointed three new independent directors to bolster its board, enhancing management expertise.
Ace Global Business Acquisition Limited (NASDAQ: ACBA, ACBAU) has announced a definitive merger agreement with DDC Enterprise Limited, positioning DDC to become a publicly listed company. DDC, known for its DayDayCook brand, specializes in ready-to-heat, ready-to-cook, and plant-based food products. The merger aims to capture growth in the RTC market, projected to reach $150 billion by 2027. DDC plans to leverage its omni-channel strategy and strategic partnerships to enhance its supply chain. The enterprise value of DDC is set at $300 million, with plans to raise $30-40 million in a PIPE transaction.