Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 54

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part II, Item 1
Chunk 54
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Item
1A. Risk Factors

Factors
that could cause our actual results to differ materially from those in this Quarterly Report include the risk factors described in the
registration statements on Form S-1 (File Nos. 333-258221 and 333-265184) for our IPO filed with the SEC. As of the date of this Quarterly
Report, there have been no material changes to the previously disclosed risk factors.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds

We
issued an aggregate of 1,437,500 ordinary shares to certain of our initial shareholders on April 20, 2022. We subsequently declared a
share dividend of 0.50 shares for each outstanding share, resulting in 2,156,250 founder shares being outstanding. On July 1, 2022, the
sponsor surrendered an aggregate of 287,500 founder shares for no consideration, which surrender was effective retroactively, resulting
in 1,868,750 shares being outstanding. As a result of the partial exercise of the representative’s over-allotment option, an aggregate
of 20,536 founder shares were forfeited to us, which surrender was effective retroactively and resulting in an aggregate of 1,848,214
founder shares issued and outstanding. The foregoing issuance was made pursuant to the exemption from registration contained in Section
4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”).

On
August 12, 2022, we consummated our IPO of units (the “Units”), including the issuance of 892,855 Units as a result of the
partial exercise of the representative’s over-allotment option. The Units issued in the IPO were sold at an offering price of $10.00
per Unit, generating total gross proceeds of $73,928,550. D. Boral acted as the sole book-running manager for the IPO. US Tiger Securities,
Inc. acted as the co-manager for the IPO. The securities in the IPO were registered under the Securities Act on two registration statements
on Form S-1 (File Nos. 333-258221 and 333-265184) (as amended, the “Registration Statement”). The Securities and Exchange
Commission declared the registration statements effective on May 16, 2022 and August 9, 2022, respectively.

Simultaneous
with the consummation of the IPO, we consumm