DDC Enterprise Limited (the “Company” or “DDC”), a digital publisher and merchandising company that owns and operates the brand DayDayCook, and Ace Global Business Acquisition Limited (“Ace”) (NASDAQ:ACBA, ACBAU, ACBAW))), a special purpose acquisition company (“SPAC”), announced today that Ace has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (“SEC”) in connection with the previously announced business combination transaction between DDC and Ace . (the “Business Combination”).

While the information in the filed preliminary proxy statement is subject to change, it provides important information about Ace’s proposed Business Combination with DDC. Ace currently anticipates holding a shareholder meeting with respect to the transactions contemplated by the Business Combination in the fourth quarter of 2021.

As previously announced on August 25, 2021, upon the closing of the transactions contemplated by the Business Combination, the parties plan to remain Nasdaq-listed under a new ticker symbol. As part of the agreement, DDC will keep its highly experienced management team in place, which is led by Norma Chu, DDC’s Founder and CEO, and will spearhead the Company’s strategic transformation. As part of the transaction, DDC and Ace will aim to raise private investment in public equity (PIPE) of approximately US$30-40 million, which will be used to fund DDC’s growth plans.