Embrace Change Acquisition Corp. announced a private placement of an unsecured convertible promissory note in the principal amount of $190,111.54 on November 8, 2023. The transaction included participation from individual investor Zheng Yuan.

The note bears no interest and is repayable in full 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.