Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 56

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 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 Cayman Island exempted company, was formed as a wholly owned subsidiary
of the Purchaser to be the merger sub in connection with a contemplated business combination. On October 16, 2025, Merger Sub was re-designated
as a wholly owned subsidiary of the Company. It has no principal operations or revenue producing activities.

Business
Combination Agreement

On
January 26, 2025, the Company entered into a merger agreement, which was amended by the Amendment No. 1 to the Merger Agreement dated
October 16, 2025 (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.

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