Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 121

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part II, Item 1A
Chunk 121
---
 with the sponsor of 373,750
units (the “Private Units”), generating total proceeds of $3,737,500. The Private Units are identical to the Units sold in
the IPO except that the holder has agreed not to transfer, assign, or sell any of the Private Units or underlying securities (except
in limited circumstances, as described in the Registration Statement) until the completion of the Company’s initial business combination.
In addition, the warrants included in the Private Units are not redeemable if held by them or a permitted transferee. The sponsor was
granted certain demand and piggy-back registration rights in connection with the purchase of the Private Units. The issuance was made
pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On
August 12, 2022, a total of $75,776,764 of the net proceeds from the IPO and the Private Placement were deposited in a trust account
established for the benefit of the public shareholders. This includes $72,039,264 of the net proceeds from the IPO (which amount includes
$2,587,499 of the underwriters’ deferred discount) and $3,737,500 from the Private Placement.

Transaction
costs of the Initial Public Offering with the exercise of the over-allotment amounted to $3,898,030 consisting of $739,286 of up-front
underwriting fees and a deferred discount of $2,587,499 and $571,245 of other costs.

Item
3. Defaults Upon Senior Securities

None.

Item
4. Mine Safety Disclosures

None.

Item
5. Other Information

None.

Item
6. Exhibits.

    Exhibit
    Number
     
    Description
  
    31.1*
     
    Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

    31.2*
     
    Certification of Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d- 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.