Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 35

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 35
---
 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.

22

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities since inception have been organizational activities, those necessary to prepare for
our IPO, the IPO, and after our IPO, searching for and identifying a business combination target, and prepare for a business combination.
Following our IPO, we will not generate any operating revenues until after completion of our Business Combination. We will generate non-operating
income in the form of interest income on cash and cash equivalents after our IPO. There has been no significant change in our financial
or trading position and no material adverse change has occurred since the date of our financial statements. We expect that we will incur
increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well
as for due diligence expenses in connection with completing a business combination.

For the three months ended March 31, 2025, we had a net loss of $89,624, which consists of operating costs of $355,862 and interest expense of $1,125, partially offset by investment income earned on investments held in trust account of $267,363.

For the three months ended March 31, 2024, we had a net income of $357,077