Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 6

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a Business Combination with respect to the Company’s warrants. These ordinary shares were recorded at a redemption value and
classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.”

If a shareholder vote is not required and the
Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended
Articles of Association (as defined below), offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission
(“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy
statement with the SEC prior to completing a Business Combination.

The Sponsor has agreed (a) to vote its founder
shares, the ordinary shares included in the Private Units (the “Private Shares”) and any Public Shares purchased during or
after the IPO in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended Articles of Association
with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the
Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment;
(c) not to redeem any shares (including the Ordinary shares) and Private Units (including underlying securities) into the right to receive
cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender
offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to
amend the provisions of the Amended Articles of Association relating to shareholders’ rights of pre-Business Combination activity
and (d) that the Ordinary shares and Private Units (including underlying securities) shall not participate in any liquidating distributions
upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from
the Trust Account with respect to any Public Shares purchased during or after the IPO if the Company fails to complete its Business Combination.

On August 9, 2023, the Company held an
extraordinary general meeting of shareholders (the “First Extraordinary General Meeting”),