Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 57

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 12, 2025
to August 12, 2026, and (4) added Tianji’s obligation to pay the balance of the extension payment and pay the expenses necessary
to and appropriate to effect the transactions contemplated under the Merger Agreement. Under this agreement, Tianji is obligated to pay
$275,000 and delayed deposit interest by October 31, 2025. If Tianji breaches this Amendment, the Company is entitled to a late charge
equal to five percent (5.0%) of such payment past due for ten (10) or more calendar days. On October 16, 2025, November 3, 2025 and November
13, 2025, Tianji transferred $100,000, $100,000 and $75,000, respectively, for an aggregated of $275,000, to the Company. Using the funds
received from Tianji, the Company deposited $200,000 into the Trust Account on November 17, 2025.

Consideration

At
the effective time of the Acquisition Merger, each Tianji Class A ordinary share will be converted into the right to receive one Reincorporation
Merger Surviving Corporation Class A ordinary share and each Tianji Class B ordinary share will be converted into the right to receive
one Reincorporation Merger Surviving Corporation Class B ordinary share, as outlined in the Merger Agreement.

Purchaser
will issue an aggregate of 45,000,000 of its ordinary shares (“Purchaser Ordinary Shares”) with a deemed price per share
of US$10.00, for a total value equal to the merger consideration, $450,000,000 (the “Merger Consideration Shares”), to the
shareholders of Tianji (the “Tianji Shareholders”) at the Business Combination closing (the “Closing”). Upon
Closing, the Tianji Shareholders will no longer hold any rights in the Tianji ordinary shares they held prior to the Closing, and they
will hold the right to receive their portion of the Merger Consideration Shares pursuant to the Merger Agreement.

Issuance
of Share Consideration

In
connection with the Acquisition Merger, fractional shares of the Purchaser Ordinary Shares that would otherwise be issued to the Tianji
Shareholders will be rounded down to the nearest whole share.

    8

Liquidity
and Capital Resources

As
of September 30, 2025, the Company had $