Fri, Jul 26, 8:06 PM (43 days ago)
Embrace Change Acquisition Corp. (the "Company") is a blank check company formed to effect a merger or similar business combination. For the fiscal year ending December 31, 2023, the Company reported a net income of $2,424,391, primarily driven by investment income of $3,486,597 from funds held in a trust account, offset by operating costs of $1,062,206. The Company’s liquidity needs were met through the IPO proceeds and convertible promissory notes. As of December 31, 2023, the Company held $5,308 in cash and $56,231,052 in marketable securities within the trust account. The Company extended its business combination deadline to August 12, 2024, by depositing $100,000 monthly into the trust account. However, the Company faces a going concern risk if it fails to complete a business combination by the deadline. The Company’s shares are traded on Nasdaq under various symbols, and it is not subject to the Holding Foreign Companies Accountable Act. The Company’s management team has extensive experience in capital markets and multinational financial management, which positions it well for identifying potential acquisition targets.