Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 9

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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4. The Company has the right to
extend the Combination Period ten (10) more times for an additional one (1) month each time, from October 12, 2024 to August 12, 2025.
Up to the date the unaudited interim consolidated financial statements were issued, the Company is obligated to deposit another eight
tranches of $75,000, for an aggregate of 600,000, to the Trust Account, to extend the date that the Company has to consummate a business
combination to June 12, 2025. As of the date of these unaudited interim consolidated financial statements are issued, $600,000 of the required extension payments, has
not been deposited into the Trust Account.

If the Company is unable to complete a Business Combination
within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than five business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable, if any),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights
as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board
of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its
obligations to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights
to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within
the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available
to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets
remaining available for distribution will be less than the IPO price per Unit ($10.00).

    7

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business