Update on the Company

Further to its announcement on 28 September 2023, ACG announces today that, pursuant to its Memorandum and Articles, it intends to cease all operations except for the purpose of winding up in accordance with the laws of the British Virgin Islands, ACG's jurisdiction of incorporation. Accordingly, Public Shareholders who hold Class A Ordinary Shares as at 8:00 a.m. (UK time) on 18 October 2023 shall have their Class A Ordinary Shares automatically redeemed and payment in respect of such Class A Ordinary Shares will be made through CREST by the Depositary, Link Market Services Trustees Limited, as promptly as reasonably possible and the Company intends that such payment be made by no later than 26 October 2023, all in accordance with Regulation 26 of ACG's Memorandum and Articles. Upon completion of a liquidation of ACG, the Warrants will expire worthless and holders will no longer have any rights thereunder.

Notwithstanding the above, the Company is currently in discussions with the Co-Sponsors and certain IPO Institutional Investors regarding a potential extension of the Company's operations. No assurance can be given that an agreement for such extension will be reached by ACG, the Co-Sponsors and the IPO Institutional Investors. If agreed, any such extension would be effected through an amendment to the Memorandum and Articles of ACG to be voted on by its Shareholders. Upon approval of any such amendment, Public Shareholders will have the opportunity to redeem their Class A Ordinary Shares in exchange for the amounts they are entitled to receive under ACG's Memorandum and Articles.

Further announcements will be made in due course.