Mobix Labs takes action against Denis Tse, ACE Equity, Asia-IO, ACE SO4

Mobix Labs (MOBX) announced that it has filed a Verified Complaint in the Delaware Court of Chancery alleging that Tik Yang Tse, ACE Equity Partners International, Asia-IO Equity Partners International, and ACE SO4 Holdings Limited engaged in fraudulent conduct, intentional misrepresentations, and a breach of contract governing ACE’s binding investment obligations. The Verified Complaint alleges that the lawsuit “arises from Defendant ACE’s failure to deliver $30 million in financing that it was contractually obligated to fund” in connection with Mobix’s business combination which took place in 2023. According to the filing, “ACE never delivered the $30 million it was required to fund under the Subscription Agreement.” The Complaint makes specific allegations against Denis Tse, asserting that he “personally participated in the negotiations and misrepresentations alleged herein” and “knowingly, intentionally and falsely induced Plaintiff to enter into the Subscription Agreement.” Mobix is seeking over $250 million in damages as well as punitive damages, along with specific performance requiring ACE to fund the $30 million equity investment it agreed to deliver.