Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 71

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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paid and past due.

For
the three months ended September 30, 2025 and 2024, the Company recorded $1,150 and $3,513 in interest expenses under the promissory
note - third party. For the nine months ended September 30, 2025 and 2024, the Company recorded $3,413 and $3,513 in interest expenses
under the promissory note - third party. As of September 30, 2025 and December 31, 2024, the total outstanding under the promissory note
- third party was $58,077 and $54,664, respectively.

NOTE
8. COMMITMENTS AND CONTINGENCIES

Registration
Rights

The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the private units and the
underlying private shares and private warrants, and the units issuable upon conversion of working capital loans and the underlying ordinary
shares, warrants and rights, pursuant to a Registration Rights Agreement signed on August 9, 2022. The holders of such securities are
entitled to demand that the Company register these securities at any time after consummation of a Business Combination. Notwithstanding
anything to the contrary, any holder that is affiliated with an underwriter participating in the Company’s IPO may only make a
demand on one occasion and only during the five-year period beginning on the effective date of the registration statement. In addition,
the holders have certain “piggy-back” registration rights on registration statements filed after the Company’s consummation
of a business combination; provided that any holder that is affiliated with an underwriter participating in the Company’s IPO may
participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the registration
statement.

The
underwriters purchased the 892,855 of additional Units to cover over-allotments, less the underwriting discounts and commissions.

    16

The
underwriters were entitled to a cash underwriting discount of one percent (1.00%) of the gross proceeds of the Offering, or $739,286
as the underwriters’ over-allotment is partially exercised. The underwriters are also entitled to a deferred fee of three point
five percent (3.50%) of the gross proceeds of the Offering, or $2,587,499 as the underwriters’ over-allotment is partially exercised
upon closing of the Business