Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 73

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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addition, the Company paid the representative of the underwriters, at closing of the Initial Public Offering, 1.00% of the of the IPO
shares in the Company’s ordinary shares or 73,929 ordinary shares as the underwriters’ over-allotment was partially exercised.

Right
of First Refusal

For
a period beginning on the closing of the Company’s IPO and ending 6 months from the closing of a business combination, the Company
have granted D. Boral a right of first refusal to act as sole investment banker, sole book running manager and/or sole placement agent
for any and all future private or public equity, equity-linked, convertible and debt offerings during such period. In accordance with
FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years from the commencement of sales
in the Company’s IPO.

NOTE
9. STOCKHOLDERS’ DEFICIT

Ordinary
Shares — The Company is authorized to issue 500,000,000 ordinary shares of with a par value of $0.0001 per share. Holders of
the Company’s Ordinary shares are entitled to one vote for each share.

As
of September 30, 2025 and December 31, 2024, there were 2,295,893
ordinary shares issued and outstanding, excluding 126,388
and 2,224,131
ordinary shares, respectively, subject to possible redemption.

Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of
the Warrants (as defined below). The Warrants will become exercisable 30 days after the completion of a Business Combination. No Warrants
will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary share issuable
upon exercise of the Warrants and a current prospectus relating to such ordinary share. Notwithstanding the foregoing, if a registration
statement covering the ordinary share issuable upon the exercise of the Warrants is not effective within 90 days from the consummation
of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when
the Company shall have failed to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to
an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders