Company: EMCRF
Filing Date: 2025-07-28
Form Type: DEF 14A
Source: 0001641172-25-021158
Chunk: 9

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-28
Form: DEF 14A
Chunk 9
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, 2024, May 8, 2025 and June 3, 2025, Embrace Change deposited $75,000 each time, for an aggregate of $225,000, into the Trust Account, which extended the Termination Date to November 12, 2024. Embrace Change should further extend the Termination Date eight additional times, through July 12, 2025, but failed to make the applicable deposit. As of the date the hereof, Embrace Change is behind on payments to its Trust Account for an aggregate amount of $675,000.

If each of the Extension Amendment Proposal and the Trust Agreement Amendment Proposal are approved, the Company shall have the right to extend, by resolution of the Board, the Combination Period from August 12, 2025 to August 12, 2026, without making any deposition into the Trust Account.

Embrace Change’s board of directors (the “Board”) has determined that it is in the best interests of Embrace Change to seek an extension of the Termination Date and have Embrace Change shareholders approve the Extension Amendment Proposal and the Trust Amendment Proposal to allow for additional time to consummate a Business Combination. Embrace Change intends to call an additional extraordinary general meeting of its shareholders to approve a Business Combination at a future date (referred to herein as the “Business Combination Extraordinary General Meeting”). The Board believes that it is in the best interests of Embrace Change shareholders that an extension of the Termination Date (the “Extension”) be obtained so that, Embrace Change will have an additional amount of time to consummate a Business Combination. Without the Extension, Embrace Change may not be able to complete a Business Combination on or before the Termination Date, and would be forced to liquidate.

If the Company’s Board otherwise determines that the Company will not be able to consummate a Business Combination by the Extended Date, the Company would wind up its affairs and redeem 100% of the outstanding Public Shares in accordance with the same procedures set forth below that would be applicable if the Extension Amendment Proposal and the Trust Amendment Proposal are not approved.

As contemplated by the Articles of Association, the holders of Embrace Change Public Shares may demand that such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the Trust Account, including interest not previously released which shall be net of taxes payable, and less interest to pay dissolution expenses, calculated as of two business days prior to the consummation of a Business Combination (