Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 49

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE
1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Embrace
Change Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on March 3, 2021. The
Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company may pursue a business combination target in
any business or industry.

As
of September 30, 2025, the Company had not yet commenced any operations. All activity through September 30, 2025 relates to the Company’s
formation, the Initial Public Offering (as defined below) and after the Initial Public Offering, searching for and identifying a Business
Combination target, and preparing for a Business Combination. The Company will not generate any operating revenues until after the completion
of its Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and
cash equivalents from the proceeds derived from the IPO (as defined below). The Company has selected December 31 as its fiscal year end.
The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early
stage and emerging growth companies.

The
Company’s sponsor is Wuren Fubao Inc., a Cayman Islands exempted company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on August 9, 2022. On August 12, 2022, the Company consummated
its Initial Public Offering of 7,392,855 units (the “Units”, and, with respect to the ordinary shares included in the Units
being offered, the “Public Shares”), including the issuance of 892,855 Units as a result of the partial exercise by EF Hutton,
division of Benchmark Investments, LLC (the “Representative”) of its over-allotment option (the “Over-Allotment Option”),
at $10.00 per Unit, generating gross proceeds of $73,928,550 (the “Initial Public Offering” or “IPO”), and incurring
offering costs of $3