Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 80

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 80
---
 2024. On September 16, 2024, the Company filed its Form 10-Q for the fiscal quarter ended June 30, 2024.

On
October 30, 2024, the Company received a letter from Nasdaq which confirmed that the Company regained compliance on September 16, 2024
with the filing requirement in Listing Rule 5250(c), as required by the Nasdaq hearing panel’s decision dated August 14, 2024.
The Company is subject to a mandatory panel monitor for a period of one year from September 16, 2024. Under the terms of the panel monitor,
in the event the Company is again out of compliance with the periodic filing rule during the monitoring period, the Company will have
an opportunity to request a new hearing before the panel in order to maintain its listing, rather than being granted additional time
to regain compliance or being afforded an applicable cure or compliance period.

On
August 14, 2025, the Company received a written notice from Nasdaq that the Company’s securities will be delisted from The Nasdaq
Stock Market by reason of the failure of the Company to complete its initial business combination by August 9, 2025 (36 months from the
effectiveness of its IPO registration statement) as required by IM-5101-2. Accordingly, trading in the Company’s Ordinary Shares,
Warrants, Rights and Units were suspended at the opening of business on August 21, 2025 and a Form 25-NSE was filed by Nasdaq with SEC
on September 18, 2025, which removed the Company’s Ordinary Shares, Warrants, Rights and Units from listing and registration on
the Nasdaq Stock Market.

20

Satisfaction
and Discharge Agreement

On
March 4, 2024, the Company and D. Boral Capital (“D. Boral”), formerly known as EF Hutton, division of Benchmark Investments,
LLC, the underwriter of Company’s IPO, entered into a Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement
dated August 9, 2022 (the “Satisfaction and Discharge Agreement”), pursuant to which, D. Boral agreed to revise the deferred
underwriting fee of three point five percent (3.50%) of the gross proceeds of the initial public offering, or $2,587,499, to (1) $750,000
in cash on the date of the closing of