Ace Global Business Acquisition Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

NEW YORK,July 6,2022 -- Ace Global Business Acquisition Limited (NASDAQ: ACBA,ACBAU,ACBAW,the "Company"),aspecial purpose acquisition company,announced today that Ace Global Investment Limited,the Company's initial public offering sponsor (the"Sponsor"),has deposited into the Company's trust account (the "Trust Account") an aggregate of $455,400 (representing approximately $0.099 perordinary share) in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period,fromJuly 9,2022 to October 8,2022. The Company issued a promissory note to the Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company's units (with each unit consisting of one ordinary share,and one warrant topurchase one ordinary share) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is toprovide time for the Company to complete a business combination.

About Ace Global Business Acquisition Limited

The Company is a British Virgin Islands company incorporated as a blank check company for the purpose of effecting a merger,share exchange,assetacquisition,share purchase,recapitalization,reorganization or similar business combination with one or more business entities.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are nothistorical facts. Such forward-looking statements,including the successful consummation of the Company's initial public offering,are subject to risksand uncertainties,which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations orundertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company'sexpectations with respect thereto or any change in events,conditions or circumstances on which any statement is based.

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