Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 36

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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as it may be amended, supplemented, or otherwise modified from time to
time, the “Merger Agreement”), by and between the Company, EMC Merger Sub 1, a Cayman Islands exempted company and wholly
owned subsidiary of the Company (“Purchaser”), EMC Merger Sub 2, a Cayman Islands exempted company and wholly owned subsidiary
of Purchaser (“Merger Sub”), and Tianji Tire Global (Cayman) Limited, a Cayman Islands exempted company (“Tianji”),
pursuant to which (a) the Company will be merged with and into Purchaser (the “Reincorporation Merger”), with Purchaser surviving
the Reincorporation Merger, and (b) Merger Sub will be merged with and into Tianji (the “Acquisition Merger”), with Tianji
surviving the Acquisition Merger as a direct wholly owned subsidiary of Purchaser (collectively, the “Business Combination”).
Following the Business Combination, Purchaser will be a publicly traded company.

Consideration

At
the effective time of the Acquisition Merger, each Tianji Class A ordinary share will be converted into the right to receive one Reincorporation
Merger Surviving Corporation Class A ordinary share and each Tianji Class B ordinary share will be converted into the right to receive
one Reincorporation Merger Surviving Corporation Class B ordinary share, as outlined in the Merger Agreement.

Purchaser
will issue an aggregate of 45,000,000 of its ordinary shares (“Purchaser Ordinary Shares”) with a deemed price per share
of US$10.00, for a total value equal to the merger consideration, $450,000,000 (the “Merger Consideration Shares”), to the
shareholders of Tianji (the “Tianji Shareholders”) at the Business Combination closing (the “Closing”). Upon
Closing, the Tianji Shareholders will no longer hold any rights in the Tianji ordinary shares they held prior to the Closing, and they
will hold the right to receive their portion of the Merger Consideration Shares pursuant to the Merger Agreement.

20

Issuance
of Share Consideration

In
connection with the Acquisition Merger, fractional shares of the Purchaser Ordinary Shares that would otherwise be issued to the Tianji
Shareholders will be rounded down to the nearest whole share.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues