Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 51

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 a direct wholly owned subsidiary of Purchaser (collectively, the “Business Combination”).
Following the Business Combination, Purchaser will be a publicly traded company.

      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.

    8

Liquidity and Capital Resources

As of March 31, 2025, the Company had $17,229 of cash in its operating bank account.

The Company’s liquidity needs prior to the
consummation of the Initial Public Offering were satisfied through the payment of $25,000
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as
defined in Note 5), and loan from the Sponsor of $159,478
under the promissory note, which has been terminated upon closing of the Initial Public Offering. Subsequent to the consummation of
the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the
Initial Public Offering, the Private Placement held outside of the Trust Account, the Convertible Promissory