Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 27

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
Prior to the offering, the Company issued 1,437,500 ordinary shares to the Company’s initial shareholders. On October 24, 2021, the Company declared a share dividend of 0.50 shares for each outstanding share, resulting in an aggregate of 2,156,250 founder shares being issued. The aggregate purchase price for the founder shares was $25,000.

On July 1, 2022, the sponsor surrendered an aggregate of 287,500 founder shares for no consideration, which surrender was effective retroactively, resulting in 1,868,750 shares being outstanding. On August 12, 2022, as a result of the partial exercise of the Representative’s Over-Allotment Option, an aggregate of 20,536 founder shares were further forfeited to the Company, which surrender was effective retroactively and resulting in 1,848,214 shares being outstanding and held by Sponsor.

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

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 will not be able to exercise
their Warrants on a cashless basis. The Warrants will expire five years from the consummation of a Business Combination or earlier
upon redemption or liquidation.

The Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant: