Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 6

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 and after the Initial Public Offering, searching for and identifying a Business
Combination target, and preparing for a Business Combination. The Company will not generate any operating revenues until after the completion
of its Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and
cash equivalents from the proceeds derived from the IPO (as defined below). The Company has selected December 31 as its fiscal year end.
The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early
stage and emerging growth companies.

The
Company’s sponsor is Wuren Fubao Inc., a Cayman Islands exempted company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on August 9, 2022. On August 12, 2022, the Company consummated
its Initial Public Offering of 7,392,855 units (the “Units”, and, with respect to the ordinary shares included in the Units
being offered, the “Public Shares”), including the issuance of 892,855 Units as a result of the partial exercise by EF Hutton,
division of Benchmark Investments, LLC (the “Representative”) of its over-allotment option (the “Over-Allotment Option”),
at $10.00 per Unit, generating gross proceeds of $73,928,550 (the “Initial Public Offering” or “IPO”), and incurring
offering costs of $3,898,030, of which $2,587,499 was for deferred underwriting commissions (see Note 8). As a result of the partial
exercise of the Representative’s Over-Allotment Option, an aggregate of 20,536 founder shares was forfeited to the Company of which
was reflected retroactively.

Simultaneously
with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with the Sponsor of 373,750
units (the “Private Units”), generating total proceeds of $3,737,500 (see Note 4).

Following
the closing of the Initial Public Offering on August 12, 2022, an amount of $75,776,764 ($10.25 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Private Units was placed in a trust
account (