Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 8

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 in a proxy statement with the SEC prior to completing a Business Combination.

The
Sponsor has agreed (a) to vote its founder shares, the ordinary shares included in the Private Units (the “Private Shares”)
and any Public Shares purchased during or after the IPO in favor of a Business Combination, (b) not to propose an amendment to the Company’s
Amended Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of
a Business Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares
in conjunction with any such amendment; (c) not to redeem any shares (including the Ordinary shares) and Private Units (including underlying
securities) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination
(or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval
in connection therewith) or a vote to amend the provisions of the Amended Articles of Association relating to shareholders’ rights
of pre-Business Combination activity and (d) that the Ordinary shares and Private Units (including underlying securities) shall not participate
in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled
to liquidate distributions from the Trust Account with respect to any Public Shares purchased during or after the IPO if the Company
fails to complete its Business Combination.

On
August 9, 2023, the Company held an extraordinary general meeting of shareholders (the “First Extraordinary General Meeting”),
at which the Company’s shareholders approved the following proposals: (a) as a special resolution, giving the Company the right
to extend the date by which the Company must consummate a business combination (the “Combination Period”) twelve (12) times
for an additional one (1) month each time, from August 12, 2023 (i.e. the end of 12 months from the consummation of its Initial Public
Offering, the “Termination Date”) to August 12, 2024, pursuant to the Trust Agreement, by deleting the amended and restated
memorandum and articles of association (the “Articles of Association”) in its entirety and substitute it with the second
amended and restated memorandum and articles of association of the Company (the “Amended Articles of Association”); (b) as
an ordinary resolution, an