Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 39

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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, and (b) Merger Sub will be merged with and into Tianji (the “Acquisition Merger”), with Tianji
surviving the Acquisition Merger as a direct wholly owned subsidiary of Purchaser (collectively, the “Business Combination”).
Following the Business Combination, Purchaser will be a publicly traded company.

On
October 16, 2025, the Company entered into Amendment No. 1 to the Merger Agreement. The Amendment (1) amended the definition of Merger
Sub to reflect that it is a wholly owned subsidiary of Parent, (2) deleted a closing condition that as of the Closing, the Purchaser
shall have at least $5,000,001 in net tangible assets, (3) extended the Outside Date (as defined in the Amendment) from August 12, 2025
to August 12, 2026, and (4) added Tianji’s obligation to pay the balance of the extension payment and pay the expenses necessary
to and appropriate to effect the transactions contemplated under the Merger Agreement. Under this agreement, Tianji is obligated to pay
$275,000 and delayed deposit interest by October 31, 2025. If Tianji breaches this Amendment, the Company is entitled to a late charge
equal to five percent (5.0%) of such payment past due for ten (10) or more calendar days. On October 16, 2025, November 3, 2025 and November
13, 2025, Tianji transferred $100,000, $100,000 and $75,000, respectively, for an aggregated of $275,000, to the Company. Using the funds
received from Tianji, the Company deposited $200,000 into the Trust Account on November 17, 2025.

21

Consideration

At
the effective time of the Acquisition Merger, each Tianji Class A ordinary share will be converted into the right to receive one Reincorporation
Merger Surviving Corporation Class A ordinary share and each Tianji Class B ordinary share will be converted into the right to receive
one Reincorporation Merger Surviving Corporation Class B ordinary share, as outlined in the Merger Agreement.

Purchaser
will issue an aggregate of 45,000,000 of its ordinary shares (“Purchaser Ordinary Shares”) with a deemed price per share
of US$10.00, for a total value equal to the merger consideration, $450