Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 30

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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OLDERS’ DEFICIT

Ordinary
Shares — The Company is authorized to issue 500,000,000 ordinary shares of with a par value of $0.0001 per share. Holders of
the Company’s Ordinary shares are entitled to one vote for each share.

As
of September 30, 2025 and December 31, 2024, there were 2,295,893
ordinary shares issued and outstanding, excluding 126,388
and 2,224,131
ordinary shares, respectively, subject to possible redemption.

Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of
the Warrants (as defined below). The Warrants will become exercisable 30 days after the completion of a Business Combination. No Warrants
will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary share issuable
upon exercise of the Warrants and a current prospectus relating to such ordinary share. Notwithstanding the foregoing, if a registration
statement covering the ordinary share issuable upon the exercise of the Warrants is not effective within 90 days from the consummation
of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when
the Company shall have failed to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to
an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not
be able to exercise their Warrants on a cashless basis. The Warrants will expire five years from the consummation of a Business Combination
or earlier upon redemption or liquidation.

    17

The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

    ●
    at
    any time while the Warrants are exercisable,

    ●
    upon
    not less than 30 days’ prior written notice of redemption to each Warrant holder,

    ●
    if,
    and only if, the reported last sale price of the ordinary share equals or exceeds $18 per share, for any 20 trading days within a
    30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and

    ●
    if,
    and only if, there is a