Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 76

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 aggregated amount of $275,000
from Tianji and its subsidiaries for working capital and extension deposits purposes. These amounts are unsecured, non-interest bearing and due on demand. Up to the date the unaudited
interim consolidated financial statements were issued, the Company received $1,950,000
in total, from Tianji and its subsidiaries, for working capital and extension deposits purposes.

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 October
16, 2025, the Company entered into Amendment No. 1 to the Merger Agreement. See Note 1.

18

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References
to the “Company,” “Embrace Change,” “our,” “us” or “we” refer to Embrace
change Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should
be read in conjunction with the unaudited interim financial statements and the notes thereto contained elsewhere in this report. Certain
information contained in the discussion and analysis set forth below includes forward- looking statements that involve risks and uncertainties.

Cautionary
Note Regarding Forward-Looking Statements

This
Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections
about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us
that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may,” “should,” “could,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,”
or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but
are not limited to, those described in our other U.S. Securities and Exchange Commission (“SEC”) filings.

Overview

We
are a blank check company incorporated in the Cayman Islands for