Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 90

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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 892,855 Units as a result of the
partial exercise of the representative’s over-allotment option. The Units issued in the IPO were sold at an offering price of $10.00
per Unit, generating total gross proceeds of $73,928,550. D. Boral acted as the sole book-running manager for the IPO. US Tiger Securities,
Inc. acted as the co-manager for the IPO. The securities in the IPO were registered under the Securities Act on two registration statements
on Form S-1 (File Nos. 333-258221 and 333-265184) (as amended, the “Registration Statement”). The Securities and Exchange
Commission declared the registration statements effective on May 16, 2022 and August 9, 2022, respectively.

Simultaneous
with the consummation of the IPO, we consummated the private placement (“Private Placement”) with the sponsor of 373,750
units (the “Private Units”), generating total proceeds of $3,737,500. The Private Units are identical to the Units sold in
the IPO except that the holder has agreed not to transfer, assign, or sell any of the Private Units or underlying securities (except
in limited circumstances, as described in the Registration Statement) until the completion of the Company’s initial business combination.
In addition, the warrants included in the Private Units are not redeemable if held by them or a permitted transferee. The sponsor was
granted certain demand and piggy-back registration rights in connection with the purchase of the Private Units. The issuance was made
pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On
August 12, 2022, a total of $75,776,764 of the net proceeds from the IPO and the Private Placement were deposited in a trust account
established for the benefit of the public shareholders. This includes $72,039,264 of the net proceeds from the IPO (which amount includes
$2,587,499 of the underwriters’ deferred discount) and $3,737,500 from the Private Placement.

Transaction
costs of the Initial Public Offering with the exercise of the over-allotment amounted to $3,898,030 consisting of $739,286 of up-front
underwriting fees and a deferred discount of $2,587,499 and $571,245 of other costs.

Item
3. Defaults Upon Senior Securities

None.

Item