Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 41

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 41
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2, Embrace Change consummated its IPO of 7,392,855 units. On August 9, 2023, EMCG held an annual meeting of shareholders. EMCG’s shareholders approved the proposal to amend EMCG’s charter to extend the date by which EMCG has to consummate a business combination twelve (12) times for an additional one (1) month each time from August 12, 2023 to August 12, 2024 by depositing into the Trust Account the lesser of $100,000 or $0.045 per outstanding public share for each one-month extension. On August 12, 2024, EMCG held an extraordinary general meeting of shareholders. EMCG’s shareholders approved the proposal to amend EMCG’s charter to extend the date by which EMCG has to consummate a business combination nine times for twelve additional months each time from August 12, 2024 to August 12, 2025 by depositing into the Trust Account $75,000 for each one-month extension. Accordingly, the current deadline for consummation of the Business Combination is August 12, 2025. On September 10, 2024, May 8, 2025 and June 3, 2025, Embrace Change deposited $75,000 each time, for an aggregate of $225,000, into the Trust Account, which extended the Termination Date to November 12, 2024. Embrace Change should further extend the Termination Date eight additional times, through July 12, 2025, but failed to make the applicable deposit. As of the date the hereof, Embrace Change is behind on payments to its Trust Account for an aggregate amount of $675,000. While Embrace Change expects to pay all of the due extension payments prior to the consummation of the Business Combination, there is no guarantee that Embrace Change will be able to do so. In addition, it is possible that Embrace Changes could be forced to liquidate prior to making full payment to the Trust Account. If Embrace Change liquidates before making payment in full to the Trust Account, shareholders may have to recourse to collect such funds.

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We are required by the Nasdaq Listing Rules to consummate a Business Combination within 36 months of the effectiveness of our IPO Registration Statement. Because we expect that we are not able to consummate a Business Combination within this time period, our securities are likely be subject to delisting.