Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 83

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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, $100,000 and $75,000, respectively, for an aggregated of $275,000, to the Company. Using the funds
received from Tianji, the Company deposited $200,000 into the Trust Account on November 17, 2025.

21

Consideration

At
the effective time of the Acquisition Merger, each Tianji Class A ordinary share will be converted into the right to receive one Reincorporation
Merger Surviving Corporation Class A ordinary share and each Tianji Class B ordinary share will be converted into the right to receive
one Reincorporation Merger Surviving Corporation Class B ordinary share, as outlined in the Merger Agreement.

Purchaser
will issue an aggregate of 45,000,000 of its ordinary shares (“Purchaser Ordinary Shares”) with a deemed price per share
of US$10.00, for a total value equal to the merger consideration, $450,000,000 (the “Merger Consideration Shares”), to the
shareholders of Tianji (the “Tianji Shareholders”) at the Business Combination closing (the “Closing”). Upon
Closing, the Tianji Shareholders will no longer hold any rights in the Tianji ordinary shares they held prior to the Closing, and they
will hold the right to receive their portion of the Merger Consideration Shares pursuant to the Merger Agreement.

Issuance
of Share Consideration

In
connection with the Acquisition Merger, fractional shares of the Purchaser Ordinary Shares that would otherwise be issued to the Tianji
Shareholders will be rounded down to the nearest whole share.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational
activities, those necessary to prepare for our IPO, the IPO, and after our IPO, searching for and identifying a business combination
target, and prepare for a business combination. Following our IPO, we will not generate any operating revenues until after completion
of our Business Combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after
our IPO. There has been no significant change in our financial or trading position and no material adverse change has occurred since
the date of our consolidated financial statements. We expect that we will incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing
a business