Company: EMCRF
Filing Date: 2025-07-17
Form Type: PRE 14A
Source: 0001641172-25-020063
Chunk: 48

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-07-17
Form: PRE 14A
Chunk 48
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 Company (the “Trustee”), to extend the Combination Period from the Termination Date to the Extended Date (the “Trust Agreement Amendment”). A copy of the proposed Trust Agreement Amendment is attached to this proxy statement as Annex B. All shareholders are encouraged to read the proposed amendment in its entirety for a more complete description of its terms.

Reasons for the Trust Agreement Amendment

The purpose of the Trust Agreement Amendment is to extend the Combination Period from the Termination Date to the Extended Date.

The Articles of Association and Trust Agreement currently provide that the Company has the right to extend the Combination Period twelve (12) times for an additional one (1) month each time from August 12, 2024 (i.e., 24 months from the consummation of the IPO) up to August 12, 2025 (i.e., 48 months from the consummation of the IPO). The only way to extend the Combination Period without the need for a separate shareholder vote under the Articles of Association and Trust Agreement is for our sponsor or its affiliates or designees, upon ten days’ advance notice prior to the applicable deadline, to deposit into the Trust Account $75,000, for each one-month extension, on or prior to the date of the applicable deadline. On September 10, 2024, May 8, 2025 and June 3, 2025, Embrace Change deposited $75,000 each time, for an aggregate of $225,000, into the Trust Account, which extended the Termination Date to November 12, 2024. Embrace Change should further extend the Termination Date eight additional times, through July 12, 2025, but failed to make the applicable deposit. As of the date the hereof, Embrace Change is behind on payments to its Trust Account for an aggregate amount of $675,000.

Embrace Change has determined that there will not be sufficient time before August 12, 2025 (its current termination date) to hold an Extraordinary General Meeting to obtain the requisite shareholder approval of, and to consummate, a Business Combination.

If the Company’s Board otherwise determines that the Company will not be able to consummate a Business Combination by the Extended Date, the Company would wind up its affairs and redeem 100% of the outstanding Public Shares in accordance with the same procedures set forth below that would be applicable if the Extension Amendment Proposal and the Trust Amendment Proposal are not approved.

The Trust Agreement Amendment Proposal is essential to allowing Embrace