Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 28

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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    at any time while the Warrants are exercisable, 

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    upon not less than 30 days’ prior written notice of redemption to each Warrant holder, 

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    if, and only if, the reported last sale price of the ordinary share equals or exceeds $18 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and 

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    if, and only if, there is a current registration statement in effect with respect to the ordinary share underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. 

The Private Warrants (including the ordinary shares
issuable upon exercise of the private warrants) will not be transferable, assignable or salable until 30 days after the completion of
our Business Combination and they will not be redeemable by the Company so long as they are held by the initial shareholders or their
permitted transferees. The initial shareholders, or their permitted transferees, have the option to exercise the Private Warrants on a
cashless basis.

    18

If the Company calls the Warrants for redemption,
management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,”
as described in the warrant agreement. The exercise price and number of ordinary share issuable upon exercise of the Warrants may be adjusted
in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger,
or consolidation. However, the Warrants will not be adjusted for issuances of ordinary share at a price below its exercise price. Additionally,
in no event will the Company be required to net cash settle the Warrants. If the Company is unable to complete a Business Combination
within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any
of such funds with respect to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the
Trust Account with respect to such Warrants. Accordingly, the Warrants may expire worthless.

The Company accounts for 7,766,605 Warrants issued in connection with the Initial Public Offering (comprised of 7,392,855 Public Warrants and 373,750 Private Warrants