Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 77

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business
combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with
any business combination target. We intend to effectuate our Business Combination using cash from the proceeds of the initial public
offering (the “IPO”) and the private placement of the private placement units, the proceeds of the sale of our securities
in connection with our Business Combination, our shares, debt or a combination of cash, stock and debt.

We
expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete
a Business Combination will be successful.

Recent
Developments

Extension
and Redemption

From
January 2024 to August 2024, the Company deposited additional seven tranches of $100,000, for an aggregated of $700,000 into the Trust
Account, extending the Termination Date to August 12, 2024.

On
August 12, 2024, the Company held an extraordinary general meeting of shareholders (the “Second 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 twelve (12) times for an additional one (1) month each time, from August 12, 2024 to August 12, 2025,
pursuant to the Trust Agreement, by deleting the second amended and restated memorandum and articles of association in its entirety and
substitute it with the third 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, 2024 to August 12, 2025, by depositing into the
Trust Agreement $75,000 for each one-month extension. In connection with the shareholders’ vote at the Second Extraordinary General
Meeting held by the Company on August 12, 2024, 2,903,151 ordinary shares were tendered for redemption, leaving 2,224,131 ordinary shares
subject to possible redemption still outstanding after the August 2024 redemption.

On
September 10, 2024, the Company deposited $75,000 into the Trust Account, extending the