Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 97

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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, rather than being granted additional time
to regain compliance or being afforded an applicable cure or compliance period.

On
August 14, 2025, the Company received a written notice from Nasdaq that the Company’s securities will be delisted from The Nasdaq
Stock Market by reason of the failure of the Company to complete its initial business combination by August 9, 2025 (36 months from the
effectiveness of its IPO registration statement) as required by IM-5101-2. Accordingly, trading in the Company’s Ordinary Shares,
Warrants, Rights and Units were suspended at the opening of business on August 21, 2025 and a Form 25-NSE was filed by Nasdaq with SEC
on September 18, 2025, which removed the Company’s Ordinary Shares, Warrants, Rights and Units from listing and registration on
the Nasdaq Stock Market.

20

Satisfaction
and Discharge Agreement

On
March 4, 2024, the Company and D. Boral Capital (“D. Boral”), formerly known as EF Hutton, division of Benchmark Investments,
LLC, the underwriter of Company’s IPO, entered into a Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement
dated August 9, 2022 (the “Satisfaction and Discharge Agreement”), pursuant to which, D. Boral agreed to revise the deferred
underwriting fee of three point five percent (3.50%) of the gross proceeds of the initial public offering, or $2,587,499, to (1) $750,000
in cash on the date of the closing of the initial business combination (the “Closing”) and (2) 200,000 of registered and
unrestricted shares of the Company, shall be issued and delivered to D. Boral at the Closing.

Financing
from Debt

From
July 2024 to December 2024, the Company received $775,000 from a subsidiary of Tianji (as defined below). These amounts are
unsecured, non-interest bearing and due on demand. From January 2025 to September 2025, the Company borrowed $900,000 from Tianji
and its subsidiaries, these amounts are unsecured, non-interest bearing and due on demand. Subsequent to September 30, 2025, the
Company received an additional $275,000 from Tianji and its subsidiaries for working capital and extension deposits purposes,
resulting in an