Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 11

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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,388
ordinary shares subject to possible redemption still outstanding after the August 2025 redemption. On December 4, 2025, the Company
paid approximately $26
million to holders of 2,097,743
ordinary shares for the redemption requests they submitted on August 11, 2025.

On
August 11, 2025, the Company received $400,000 from Tianji and its subsidiaries for extension deposits purposes, of which $375,000 was
deposited into the Trust Account and $25,000 was held by the Trustee. These funds were subject to redemption and included in the cash
held in Trust Account as of September 30,2025. On November 17, 2025, the Company received $275,000 from
Tianji and its subsidiaries for working capital and extension deposits purposes, of which $200,000
was deposited  into the Trust Account and $75,000 was used for working capital purposes. In November, the previously $25,000 held by
trustee was also deposited into the Trust Account. As of the date of these unaudited
interim consolidated financial statements are issued, $75,000 of
the required extension payments, has not been deposited into the Trust Account and the Company is obligated to deposit the $75,000 to
the Trust Account.

If
the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of
the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned (net of taxes payable, if any), divided by the number of then outstanding Public Shares, which redemption will
completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal
dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable
law. The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event