Embrace Change Acquisition Corp. announced a private placement of an unsecured convertible promissory note in an amount of $10,000 to the returning investor Wuren Fubao Inc. on September 8, 2023. The note bears no interest and is repayable in full upon the consummation of the company?s business combination.

It is convertible at the sponsor?s election upon the consummation of the company?s business combination. Upon such election, the Extension Fee note will convert, at a price of $10 per unit, into units identical to the private placement units issued in connection with the company?s initial public offering.