Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 8

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 order to expand the methods that the Company may employ so as not
to become subject to the “penny stock” rules of the Securities and Exchange Commission by deleting the Articles of Association
in its entirety and substitute it with the second amended and restated memorandum and articles of association of the Company. In connection
with the shareholders’ vote at the First Extraordinary General Meeting, 1,550,710 ordinary shares were tendered for redemption.
On August 14, 2023, the Company accepted a reversal request for 109,819 shares. As a result, a total of 1,440,891 ordinary shares were
redeemed at a redemption price of approximately $10.68 per share, for an aggregate redemption amount of $15,385,924, leaving 5,951,964
ordinary shares subject to possible redemption still outstanding after the August 2023 redemption.

In
connection with the shareholders’ vote at the annual general meeting (“Annual General Meeting”) of shareholders held
by the Company on October 20, 2023, 824,682 ordinary shares were tendered for redemption, leaving 5,127,282 ordinary shares subject to
possible redemption still outstanding after the October 2023 redemption.

From
August 2023 to December 2023, the Company deposited five tranches of $100,000, for an aggregated of $500,000 into the Trust Account,
extending the Termination Date to January 12, 2024. From January 2024 to August 2024, the Company deposited additional seven tranches
of $100,000, for an aggregated of $700,000 into the Trust Account, extending the Termination Date to August 12, 2024.

On
August 12, 2024, the Company held an extraordinary general meeting of shareholders (the “Second Extraordinary General
Meeting”), at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the
Company the right to extend the Combination Period twelve (12) times for an additional one (1) month each time, from August 12, 2024
to August 12, 2025, pursuant to the Trust Agreement, by deleting the second amended and restated memorandum and articles of
association in its entirety and substitute it with the third amended and restated memorandum and articles of association of the
Company; (b) as an ordinary resolution, an amendment to the Trust Agreement, to extend the Combination Period from