Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 78

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 Termination Date to September 12, 2024. On May
8, 2025 and June 3, 2025, the Company deposited two tranches of $75,000, for an aggregated of $150,000, into the Trust Account.

19

On
August 11, 2025, the Company held an extraordinary general meeting of shareholders (the “Third Extraordinary General Meeting”),
at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the Company the right
to extend the Combination Period from August 12, 2025 to August 12, 2026, pursuant to the Trust Agreement, by deleting the third amended
and restated memorandum and articles of association in its entirety and substitute it with the fourth amended and restated memorandum
and articles of association of the Company; (b) as an ordinary resolution, an amendment to the Trust Agreement, to extend the Combination
Period from August 12, 2025 to August 12, 2026. In connection with the shareholders’ vote at the Third Extraordinary General Meeting
of shareholders held by the Company on August 11, 2025, 2,097,743 ordinary shares were tendered for redemption, leaving 126,388 ordinary
shares still outstanding after the August 2025 redemption. On December 4, 2025, the Company paid approximately $26 million to holders of 2,097,743 ordinary shares for the redemption
requests they submitted on August 11, 2025.

On August 11, 2025, the Company received
$400,000 from Tianji and its subsidiaries for extension deposits purposes, of which $375,000 was deposited into the Trust Account and $25,000
was held by the Trustee. These funds were subject to redemption and included in the cash held in Trust Account as of September 30,2025.
On November 17, 2025, the Company received $275,000 from Tianji and its subsidiaries for working capital and extension deposits purposes, of which $200,000 was deposited
into the Trust Account and $75,000 was used for working capital purposes. In November, the previously $25,000 held by trustee was also
deposited into the Trust Account. As of the date
of these unaudited interim consolidated financial statements are issued, $75,000 of the required extension payments has not been deposited
into the Trust Account, and the