Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 5

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 and emerging growth companies.

The
Company’s sponsor is Wuren Fubao Inc., a Cayman Islands exempted company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on August 9, 2022. On August 12, 2022, the Company consummated
its Initial Public Offering of 7,392,855 units (the “Units”, and, with respect to the ordinary shares included in the Units
being offered, the “Public Shares”), including the issuance of 892,855 Units as a result of the partial exercise by EF Hutton,
division of Benchmark Investments, LLC (the “Representative”) of its over-allotment option (the “Over-Allotment Option”),
at $10.00 per Unit, generating gross proceeds of $73,928,550 (the “Initial Public Offering” or “IPO”), and incurring
offering costs of $3,898,030, of which $2,587,499 was for deferred underwriting commissions (see Note 8). As a result of the partial
exercise of the Representative’s Over-Allotment Option, an aggregate of 20,536 founder shares was forfeited to the Company of
which was reflected retroactively.

Simultaneously
with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with the Sponsor of 373,750
units (the “Private Units”), generating total proceeds of $3,737,500 (see Note 4).

Following
the closing of the Initial Public Offering on August 12, 2022, an amount of $75,776,764 ($10.25 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Private Units was placed in a trust
account (the “Trust Account”) and may be invested only in U.S. government treasury obligations with a maturity of 185 days
or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct
U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination
or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.

The
Company will provide its shareholders with the opportunity to redeem all or a