Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 11

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 vendors, service providers (except for the company’s independent
registered accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements
with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

    7

On
January 9, 2025, EMC Merger Sub 1 (“Purchaser”), a wholly owned subsidiary of the Company and a Cayman Island exempted company,
was formed to be the surviving company after the reincorporation merger in connection with a contemplated business combination. It has
no principal operations or revenue producing activities.

On
January 9, 2025, EMC Merger Sub 2 (“Merger Sub”), a wholly owned subsidiary of the Purchaser and a Cayman Island exempted
company, was formed to be the Merger Sub in connection with a contemplated business combination. It has no principal operations or revenue
producing activities.

Business
Combination Agreement

On
January 26, 2025, the Company entered into a merger agreement (as it may be amended, supplemented, or otherwise modified from time to
time, the “Merger Agreement”), by and between the Company, Purchaser, Merger Sub, and Tianji Tire Global (Cayman) Limited,
a Cayman Islands exempted company (“Tianji”), pursuant to which (a) the Company will be merged with and into Purchaser (the
“Reincorporation Merger”), with Purchaser surviving the Reincorporation Merger, 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.

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