Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 53

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 53
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 the net proceeds of the sale of the units in the IPO and the sale of the Private Units was placed in a Trust Account. Also simultaneously with the closing of the IPO, pursuant to the Underwriting Agreement, the Company issued an aggregate of 73,929 Ordinary Shares to the representative of the underwriters.

On March 4, 2024, the Company and EF Hutton LLC, formerly known as EF Hutton, division of Benchmark Investments, LLC (“ EF Hutton”), the underwriter of the Company’s initial public offering, entered into a Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement dated August 9, 2022, pursuant to which, EF Hutton agrees to revise the deferred underwriting fee of three point five percent (3.50%) of the gross proceeds of the initial public offering, or $2,587,499, to (1) $750,000 in cash on the date of the closing of the initial business combination (the “ Closing”) and (2) 200,000 of registered and unrestricted shares of the Company, shall be issued and delivered to EF Hutton at the Closing.

On January 9, 2025, EMC Merger Sub 1 (“ Purchaser”), a wholly owned subsidiary of the Company and a Cayman Island exempted company, was formed to be the surviving company after the reincorporation merger in connection with a contemplated business combination. It has no principal operations or revenue producing activities.

On January 9, 2025, EMC Merger Sub 2 (“ Merger Sub”), a wholly owned subsidiary of the Purchaser and a Cayman Island exempted company, was formed to be the Merger Sub in connection with a contemplated business combination. It has no principal operations or revenue producing activities.

On January 26, 2025, the Company entered into a merger agreement (as it may be amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Purchaser, Merger Sub, and Tianji Tire Global (Cayman) Limited, a Cayman Islands exempted company (“ Tianji”), pursuant to which (a) the Company will be merged with and into Purchaser (the “ Reincorporation Merger”), with Purchaser surviving the Reincorporation Merger, and (b) Merger Sub will be merged with and into Tianji (the “ Acquisition Merger”), with Tianji surviving the Acquisition Merger as a direct wholly owned subsidiary