EMBRACE CHANGE ACQUISITION CORP. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangementof a Registrant.
On November 8, 2023, Zheng Yuan, the Chief Financial Officer of Embrace Change Acquisition Corp. (the "Company"), deposited into the Company's trust account a principal amount of $100,000, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from November 12, 2023 to December 12, 2023. Ms. Yuan also paid off certain bills with an aggregated amount of $90,111.54 for the Company.
On November 13, 2023, the Company issued an unsecured promissory note (the "Note"), effective as of November 10, 2023, in an amount of $190,111.54 to Ms. Yuan. The Note bears no interest and is repayable in full upon the consummation of the Company's initial business combination. It is convertible at the Ms. Yuan's election upon the consummation of the Company's initial business combination. Upon such election, the 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 Note is filed as Exhibit 10.1.
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Embrace Change Acquisition Corp. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2023 01:37:09 UTC.
