EMBRACE CHANGE ACQUISITION CORP. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-BalanceSheet Arrangement of a Registrant.
On December 15, 2023, Embrace Change Acquisition Corp. (the "Company") issued an unsecured promissory note (the "Extension Fee Note"), in an amount of $100,000 to Zheng Yuan, the Company's Chief Financial Officer, for the $100,000 Ms. Yuan deposited into the Company's trust account to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from December 12, 2023 to January 12, 2024. The Extension Fee 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 Extension Fee 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 Extension Fee Note is filed as Exhibit 10.1.
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Embrace Change Acquisition Corp. published this content on 18 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 December 2023 21:08:10 UTC.
