Embrace Change Acquisition Corp. Files 8-K on Financial Obligations

TL;DR

Embrace Change Acquisition Corp. filed an 8-K detailing new financial obligations and equity sales.

AI Summary

Embrace Change Acquisition Corp. filed an 8-K on March 21, 2024, reporting on the creation of a direct financial obligation and unregistered sales of equity securities. The filing also includes financial statements and exhibits related to these events.

Why It Matters

This filing indicates potential new financial commitments or debt for Embrace Change Acquisition Corp., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing involves financial obligations and unregistered equity sales, which can carry inherent risks and require further investigation into the specifics.

Key Players & Entities

• Embrace Change Acquisition Corp. (company) — Filer of the 8-K report
• 0001869601 (company) — Central Index Key for Embrace Change Acquisition Corp.
• March 21, 2024 (date) — Date of the earliest event reported

FAQ

Key Financial Figures

• $0 — ting of one Ordinary Share of par value $0.0001, one Warrant and one Right EMCGU
• $0.0001 — Market LLC Ordinary shares, par value $0.0001 per share, included as part of the Unit
• $70,000 — Working Capital Note"), in an amount of $70,000 to Zheng Yuan, the Company's Chief Fina
• $70,000 M — pany's Chief Financial Officer, for the $70,000 Ms. Yuan paid for the Company to pay off
• $500,000 — s combination. It is convertible, up to $500,000 of the notes, at the Ms. Yuan's electio
• $10.00 — apital Note will convert, at a price of $10.00 per unit, into units identical to the p

Filing Documents

• embracechangeacq_8k.htm (8-K) — 41KB
• embracechangeacq_ex10-1.htm (EX-10.1) — 37KB
• 0001829126-24-001873.txt ( ) — 314KB
• cik0001869601-20240321.xsd (EX-101.SCH) — 4KB
• cik0001869601-20240321_def.xml (EX-101.DEF) — 27KB
• cik0001869601-20240321_lab.xml (EX-101.LAB) — 38KB
• cik0001869601-20240321_pre.xml (EX-101.PRE) — 26KB
• embracechangeacq_8k_htm.xml (XML) — 8KB

03 Creation of a Direct F inancial

Item 2.03 Creation of a Direct F inancial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On March 21, 2024, Embrace Change Acquisition Corp. (the "Company") issued an unsecured promissory note (the "Working Capital Note"), in an amount of $70,000 to Zheng Yuan, the Company's Chief Financial Officer, for the $70,000 Ms. Yuan paid for the Company to pay off a bill. The Working Capital Note bears no interest and is repayable in full upon the consummation of the Company's initial business combination. It is convertible, up to $500,000 of the notes, at the Ms. Yuan's election upon the consummation of the Company's initial business combination. Upon such election, the Working Capital Note will convert, at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company's initial public offering. The foregoing description of the Working Capital Note is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K, and is incorporated herein by reference. Item 3.02 Unregistered Sales of Equity Securities The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02. An aggregate of 7,000 private placement units of the Company would be issued if the entire principal balance of the Working Capital Note is converted. The rights constituting a part of the units are exchangeable, subject to the terms and conditions of the rights, for ordinary shares as provided in the right agreement governing the rights. The warrants constituting a part of the units are exercisable, The Company has relied upon Section 4(a)(2) of the Securities Act of 1933, as amended, in connection with the issuance and sale of the Working Capital Note,

View Full Filing

View this 8-K filing on SEC EDGAR