Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 14

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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,000 into the Trust Account on November 17, 2025.

Consideration

At
the effective time of the Acquisition Merger, each Tianji Class A ordinary share will be converted into the right to receive one Reincorporation
Merger Surviving Corporation Class A ordinary share and each Tianji Class B ordinary share will be converted into the right to receive
one Reincorporation Merger Surviving Corporation Class B ordinary share, as outlined in the Merger Agreement.

Purchaser
will issue an aggregate of 45,000,000 of its ordinary shares (“Purchaser Ordinary Shares”) with a deemed price per share
of US$10.00, for a total value equal to the merger consideration, $450,000,000 (the “Merger Consideration Shares”), to the
shareholders of Tianji (the “Tianji Shareholders”) at the Business Combination closing (the “Closing”). Upon
Closing, the Tianji Shareholders will no longer hold any rights in the Tianji ordinary shares they held prior to the Closing, and they
will hold the right to receive their portion of the Merger Consideration Shares pursuant to the Merger Agreement.

Issuance
of Share Consideration

In
connection with the Acquisition Merger, fractional shares of the Purchaser Ordinary Shares that would otherwise be issued to the Tianji
Shareholders will be rounded down to the nearest whole share.

    8

Liquidity
and Capital Resources

As
of September 30, 2025, the Company had $5,431 of cash in its operating bank account.

The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through the payment of
$25,000
from the Sponsor to cover for certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (as
defined in Note 5), and loan from the Sponsor of $159,478
under the promissory note, which has been terminated upon closing of the Initial Public Offering. Subsequent to the consummation of
the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the consummation of the
Initial Public Offering, the Private Placement held outside of the Trust Account, the Convertible Promissory Notes (as defined and
described in Note 5), the amount due to third party which is defined and described in Note 6 and the promissory note - third party
which is