Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 54

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 general meeting of shareholders (the “Third Extraordinary General
Meeting”), at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the
Company the right to extend the Combination Period from August 12, 2025 to August 12, 2026, pursuant to the Trust Agreement, by
deleting the third amended and restated memorandum and articles of association in its entirety and substitute it with the fourth
amended and restated memorandum and articles of association 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 subject to possible redemption 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.

If
the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except
for the purpose of winding up, (ii) as promptly as