Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 23

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 at a price of $10.00 per unit, into
units identical to the private placement units issued in connection with the Company’s Initial Public Offering.

On
each of October 10, 2023, November 8, 2023 and December 14, 2023, the Company issued an unsecured promissory note (each is called “October
2023 Convertible Note”, “November 2023 Convertible Note” and “December 2023 Convertible Note”, respectively,
collectively with September 2023 Convertible Note were called “Convertible Promissory Notes”) amounting to $100,000, $190,112
and $100,000, respectively, for an aggregated of $390,112, to the Company’s CFO. The Convertible Promissory Notes bear no interest
and are repayable in full upon the consummation of the Company’s Business Combination. They are convertible at the Sponsor’s
or CFO’s election upon the consummation of the Company’s Business Combination. Upon such election, the notes will convert,
at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company’s Initial
Public Offering.

From
January 1, 2024 to December 31, 2024, the Company issued five unsecured promissory notes (together with the convertible promissory notes
as described above, were called “Convertible Promissory Notes”) amounting to $100,000, $100,000, $100,000, $70,000 and $81,000,
respectively, for an aggregated of $451,000, to the Company’s CFO. The Convertible Promissory Notes bear no interest and are repayable
in full upon the consummation of the Company’s Business Combination. They are convertible at the CFO’s election upon the
consummation of the Company’s Business Combination. Upon such election, the notes will convert, at a price of $10.00 per unit,
into units identical to the private placement units issued in connection with the Company’s Initial Public Offering.

As
of June 30, 2025 and December 31, 2024, the Company has borrowed $851,112 under the Convertible Promissory Notes, of which $841,112 was
issued to the Company’s CFO, and $10,000 was issued to the Sponsor.

    14

Working
Capital Loans

In
order