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

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 $100,000 and $150,000, respectively, to the
payee, leaving $50,000 in principal unpaid as of June 30, 2025. On October 5, 2024, the principal of $50,000 was due and will be paid
on demand. Up to the date the unaudited interim consolidated financial statements were issued, the principal of $50,000 remained unpaid
and past due.

For
the three months ended June 30, 2025 and 2024, the Company recorded $1,138 and $0 in interest expenses under the promissory note - third
party. For the six months ended June 30, 2025 and 2024, the Company recorded $2,263 and $0 in interest expenses under the promissory
note - third party. As of June 30, 2025 and December 31, 2024, the total outstanding under the promissory note- third party was $56,927
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.

    15

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

The
underwriters were entitled to a cash underwriting discount of one percent (1.00