Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 10

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.25 per share, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the company’s independent registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

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.

      Business Combination Agreement

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