Company: EMCRF
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024827
Chunk: 28

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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mation
of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when
the Company shall have failed to maintain an effective registration statement, exercise the Warrants on a cashless basis pursuant to
an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not
be able to exercise their Warrants on a cashless basis. The Warrants will expire five years from the consummation of a Business Combination
or earlier upon redemption or liquidation.

    16

The
Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

    ●
    at
    any time while the Warrants are exercisable,

    ●
    upon
    not less than 30 days’ prior written notice of redemption to each Warrant holder,

    ●
    if,
    and only if, the reported last sale price of the ordinary share equals or exceeds $18 per share, for any 20 trading days within a
    30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders, and

    ●
    if,
    and only if, there is a current registration statement in effect with respect to the ordinary share underlying such warrants at the
    time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of
    redemption.

The
Private Warrants (including the ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable
or salable until 30 days after the completion of our Business Combination and they will not be redeemable by the Company so long as they
are held by the initial shareholders or their permitted transferees. The initial shareholders, or their permitted transferees, have the
option to exercise the Private Warrants on a cashless basis.

If
the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants
to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary share issuable
upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend
or recapitalization, reorganization, merger, or consolidation. However, the Warrants will not be adjusted for issuances