Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 67

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 and one right. Each whole warrant entitles the holder thereof to purchase one ordinary
share at a price of $11.50 per share, subject to adjustment as described in the IPO prospectus. Each right entitles the holder thereof
to acquire one-eighth of one ordinary share (see Note 9).

As
of August 12, 2022, the Company incurred offering costs of approximately $3,898,030, of which $2,587,499 was for deferred underwriting
commissions. For the year ended December 31, 2023, the Company recorded $210,873 in offering costs and charged it to accumulated deficit.

NOTE
4. PRIVATE PLACEMENT

Simultaneously
with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with the Sponsor of 373,750
units (the “Private Units”), generating total proceeds of $3,737,500.

The
proceeds from the sale of the Private Units were added to the net proceeds from the Offering held in the Trust Account. The Private Units
are identical to the Units sold in the Initial Public Offering, except there will be no redemption rights or liquidating distributions
from the Company’s trust account with respect to the private shares, which will expire worthless if the Company does not consummate
a business combination. With respect to the Private Warrants, as described in Note 9, the warrant agent shall not register any transfer
of Private Warrants until after the consummation of an initial business. If the Company does not complete a Business Combination within
the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject
to the requirements of applicable law) and the Private Warrants will expire worthless.

NOTE
5. RELATED PARTY TRANSACTIONS

Founder
Shares

During
the period ended December 31, 2021, the Company issued an aggregate of 2,156,250 shares of Ordinary shares to the Sponsor for an aggregate
purchase price of $25,000 in cash. 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. On August 12, 2022, as a result of the
partial exercise of the Representative’s Over-Allotment Option, an aggregate of 20,536 founder shares was further