Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 28

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 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 Combination. 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, the underwriter agrees to revise the deferred underwriting fee of $2,587,499, to (1) $750,000 in cash on the date of the closing
of the initial business combination (the “Closing”) and (2) 200,000 of registered and unrestricted shares of the Company
(the “Granted Shares”), shall be issued and delivered to the underwriter at the Closing. The deferred fee will be paid in
cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject