Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 100

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 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.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational
activities, those necessary to prepare for our IPO, the IPO, and after our IPO, searching for and identifying a business combination
target, and prepare for a business combination. Following our IPO, we will not generate any operating revenues until after completion
of our Business Combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after
our IPO. There has been no significant change in our financial or trading position and no material adverse change has occurred since
the date of our consolidated financial statements. We expect that we will incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing
a business combination.

For
the three months ended September 30, 2025, we had a net income of 18,447, which consists of investment income earned on cash and investments
held in trust account of $287,440, partially offset by operating costs of $267,843 and interest expense of $1,150. For the three months
ended September 30, 2024, we had a net income of $277,631 which consists of investment income earned on cash and investments held in
trust account of $581,984 partially offset by operating costs of $350,840 and interest expense of $3,513.

For
the nine months ended September 30, 2025, we had a net loss of $169,811, which consists of operating costs of $998,347 and interest expense
of $3