Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 7

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 with any such amendment; (c) not to redeem any shares (including the Ordinary shares) and Private Units (including underlying
securities) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination
(or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval
in connection therewith) or a vote to amend the provisions of the Amended Articles of Association relating to shareholders’ rights
of pre-Business Combination activity and (d) that the Ordinary shares and Private Units (including underlying securities) shall not participate
in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled
to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the IPO if the Company
fails to complete its Business Combination.

On
August 9, 2023, the Company held an extraordinary general meeting of shareholders (the “First Extraordinary General Meeting”),
at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the Company the right
to extend the date by which the Company must consummate a business combination (the “Combination Period”) twelve (12) times
for an additional one (1) month each time, from August 12, 2023 (i.e. the end of 12 months from the consummation of its Initial Public
Offering, the “Termination Date”) to August 12, 2024, pursuant to the Trust Agreement, by deleting the amended and restated
memorandum and articles of association (the “Articles of Association”) in its entirety and substitute it with the second
amended and restated memorandum and articles of association of the Company (the “Amended Articles of Association”); (b) as
an ordinary resolution, an amendment to the investment management trust agreement dated as of August 9, 2022 (the “Trust Agreement”)
between the Company and Continental Stock Transfer & Trust Company (the “Trustee”), to extend the Combination Period
from the Termination Date 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; and (c) as a special resolution, an amendment to the Articles of Association to remove the
net tangible asset requirement from the Articles of Association in