Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 95

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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 of the Company; (b) as an ordinary resolution, an amendment to the Trust Agreement, to extend the Combination
Period from August 12, 2025 to August 12, 2026. In connection with the shareholders’ vote at the Third Extraordinary General Meeting
of shareholders held by the Company on August 11, 2025, 2,097,743 ordinary shares were tendered for redemption, leaving 126,388 ordinary
shares still outstanding after the August 2025 redemption. On December 4, 2025, the Company paid approximately $26 million to holders of 2,097,743 ordinary shares for the redemption
requests they submitted on August 11, 2025.

On August 11, 2025, the Company received
$400,000 from Tianji and its subsidiaries for extension deposits purposes, of which $375,000 was deposited into the Trust Account and $25,000
was held by the Trustee. These funds were subject to redemption and included in the cash held in Trust Account as of September 30,2025.
On November 17, 2025, the Company received $275,000 from Tianji and its subsidiaries for working capital and extension deposits purposes, of which $200,000 was deposited
into the Trust Account and $75,000 was used for working capital purposes. In November, the previously $25,000 held by trustee was also
deposited into the Trust Account. As of the date
of these unaudited interim consolidated financial statements are issued, $75,000 of the required extension payments has not been deposited
into the Trust Account, and the Company is obligated to deposit the $75,000 to the Trust Account.

Nasdaq
Notices

On
April 23, 2024, the Company received a delisting determination letter from the Listing Qualifications of Nasdaq advising the Company
that the Company has not paid its assessed fees required by Listing Rule 5250(f). The Company subsequently paid the outstanding fee.

On
May 30, 2024, the Company received a delinquency notification letter from Nasdaq due to the Company’s non-compliance with Nasdaq
Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter
ended June 30, 2024.

On
June 24, 2024, the Company received a notice from Nasdaq