Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 52

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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 meeting of shareholders (the “First Extraordinary General Meeting”),
at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the Company the right
to extend the date by which the Company must consummate a business combination (the “Combination Period”) twelve (12) times
for an additional one (1) month each time, from August 12, 2023 (i.e. the end of 12 months from the consummation of its Initial Public
Offering, the “Termination Date”) to August 12, 2024, pursuant to the Trust Agreement, by deleting the amended and restated
memorandum and articles of association (the “Articles of Association”) in its entirety and substitute it with the second
amended and restated memorandum and articles of association of the Company (the “Amended Articles of Association”); (b) as
an ordinary resolution, an amendment to the investment management trust agreement dated as of August 9, 2022 (the “Trust Agreement”)
between the Company and Continental Stock Transfer & Trust Company (the “Trustee”), to extend the Combination Period
from the Termination Date to August 12, 2024, by depositing into the Trust Account the lesser of $100,000 or $0.045 per outstanding public
share for each one-month extension; and (c) as a special resolution, an amendment to the Articles of Association to remove the net tangible
asset requirement from the Articles of Association in order to expand the methods that the Company may employ so as not to become subject
to the “penny stock” rules of the Securities and Exchange Commission by deleting the Articles of Association in its entirety
and substitute it with the second amended and restated memorandum and articles of association of the Company. In connection with the
shareholders’ vote at the First Extraordinary General Meeting, 1,550,710 ordinary shares were tendered for redemption. On August
14, 2023, the Company accepted a reversal request for 109,819 shares. As a result, a total of 1,440,891 ordinary shares were redeemed
at a redemption price of approximately $10.68 per share, for an aggregate redemption amount of $15,385,924, leaving 5,951,964 ordinary
shares subject to possible redemption still outstanding after the August 2023 redemption.

In
connection with the shareholders’ vote at the annual general meeting (“Annual General Meeting”)