Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 7

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 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, by depositing into the Trust Account the lesser of
$100,000
or $0.045
per outstanding public share for each one-month extension (the “Initial Extension Payment”) (the “First Extension
Amendment Proposal”) 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 amendment to the investment
management trust agreement dated as of August 9, 2022 (the “Trust Agreement”) between the Company and Continental
Stock Transfer & Trust Company (the “Trustee”), to extend the Combination Period from the Termination Date to the
August 12, 2024, by depositing into the Trust Agreement the Initial Extension Payment (the “First Trust Agreement Amendment
Proposal”); and (c) as a special resolution, an amendment to the Articles of Association to remove the net tangible asset
requirement from the Articles of Association in order to expand the methods that the Company may employ so as not to become subject
to the “penny stock” rules of the Securities and Exchange Commission by deleting 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
“NTA Requirement Amendment Proposal”). In connection with the shareholders’ vote at the First Extraordinary
General Meeting, 1,550,710
ordinary shares were tendered for redemption. On August 14, 2023, the Company accepted a reversal request for 109,819
shares. As a result, a total of 1,440,891
ordinary shares were redeemed at a redemption price of approximately $10.68
per share, for an aggregate redemption amount of $15,385,924,
leaving 5,951,