Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 48

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 to possible redemption still outstanding after the August 2023 redemption.

    6

In connection with the shareholders’ vote
at the annual general meeting (“Annual General Meeting”) of shareholders held by the Company on October 20, 2023, 824,682
ordinary shares were tendered for redemption, leaving 5,127,282
ordinary shares subject to possible redemption still outstanding after the October 2023 redemption.

From August 2023 to December 2023, the Company deposited five tranches of $100,000, for an aggregated of $500,000 into the Trust Account, extending the Termination Date to January 12, 2024. From January 2024 to August 2024, the Company deposited additional seven tranches of $100,000, for an aggregated of $700,000 into the Trust Account, extending the Termination Date to August 12, 2024.

On August 12,
2024, the Company held an extraordinary general meeting of shareholders (the “Second Extraordinary General Meeting”), at
which, the Company and its Trustee signed an amendment to the investment management Trust Agreement, to give the Company the right
to extend the Combination Period twelve (12) times for an additional one (1) month each time, from August 12, 2024 to August 12,
2025 (the “Extended Date”), by depositing into the Trust Account $75,000 for each one-month
extension (the “Amended Extension Payment”), as approved by the Company’s shareholders in accordance with the
Company’s Amended Articles of Association. At the Second Extraordinary General Meeting, the shareholders of the Company
approved a special resolution to the Amended Articles of Association to extend the Combination Period from the Termination Date to
the Extended Date and to delete words “(less up to US$50,000 of interest to pay dissolution expenses)”.

In connection with the shareholders’ vote
at the Second Extraordinary General Meeting held by the Company on August 12, 2024, 2,903,151 ordinary shares were tendered for redemption,
leaving 2,224,131 ordinary shares subject to possible redemption still outstanding after the August 2024 redemption.

On September 10, 2024 and May 8, 2025, the Company deposited $75,000,
for an aggregated of $150,000, into the Trust Account, extending the Termination Date to October 12, 2024. The Company has