Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 68

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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 forfeited to
the Company, which surrender was effective retroactively and resulting in 1,848,214 shares being outstanding, so that the Sponsor will
collectively own 20% of the Company’s issued and outstanding shares after the IPO (assuming the initial shareholders do not purchase
any Public Shares in the IPO and excluding the Private Units and underlying securities).

    14

Subject
to certain limited exceptions, the initial shareholders have agreed not to transfer, assign or sell their founder shares until six months
after the date of the consummation of the Company’s Business Combination or earlier if, subsequent to Business Combination, the
Company consummate a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders
having the right to exchange their ordinary shares for cash, securities or other property.

Due
to Related Party

As
of September 30, 2025 and December 31, 2024, the amounts due to related party was $144,060 for expenses paid by CFO on behalf of the
Company. These amounts are unsecured, non-interest bearing and due on demand.

Convertible
Promissory Notes - Related Party

On
September 8, 2023, the Company issued an unsecured promissory note (the “September 2023 Convertible Note”), effective as
of September 8, 2023, in an amount of $10,000 to the Sponsor. The Convertible Promissory Note No.1 bears no interest and is repayable
in full upon the consummation of the Company’s business combination. It is convertible at the Sponsor’s election upon the
consummation of the Company’s business combination. Upon such election, the note will convert, at a price of $10.00 per unit, into
units identical to the private placement units issued in connection with the Company’s Initial Public Offering.

On
each of October 10, 2023, November 8, 2023 and December 14, 2023, the Company issued an unsecured promissory note (each is called “October
2023 Convertible Note”, “November 2023 Convertible Note” and “December 2023 Convertible Note”, respectively,
collectively with September 2023 Convertible Note were called “Convertible Promissory Notes”) amounting to $100,000, $190,112
and $100,000, respectively, for an aggregated of $390,112, to the Company