Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 5

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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    Redemption of ordinary shares 
     -  
     (33,296,263)
  
    Repayment of promissory note - third party 
     -  
     (250,000)
  
    Net cash provided by (used in) financing activities 
     900,000  
     (32,105,738)

    Net change in cash 
     (61,554) 
     7,745
  
    Cash at the beginning of the period 
     66,985  
     5,308 
  
    Cash at the end of the period 
    $5,431  
    $13,053 

    Supplemental disclosure of non-cash financing activities: 

    Re-measurement of ordinary shares subject to redemption (1) 
    $831,949  
    $2,072,719 
  
    Extension funds attributable to ordinary shares subject to redemption 
    $550,000  
    $775,000 
  
    Deferred underwriting fee payable 
    $-  
    $378,501 
  
    Amount due to redeemed public shareholders 
    $26,272,128  
    $- 

    (1)
    The
    value of ordinary share subject to redemption was re-measured with investment income earned on cash and investments held in Trust
    Account.

The
accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4

EMBRACE
CHANGE ACQUISITION CORP.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Embrace
Change Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on March 3, 2021. The
Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company may pursue a business combination target in
any business or industry.

As
of September 30, 2025, the Company had not yet commenced any operations. All activity through September 30, 2025 relates to the Company’s
formation, the Initial Public Offering (as defined below)