Company Operations and Financial Status - The company has not engaged in any operations or generated any revenues to date, with activities limited to organizational tasks and preparations for the IPO [86]. - The company has received $25,000 from the sale of founder shares and $159,478 in advances from its sponsor to meet liquidity needs [87]. - The company has no off-balance sheet arrangements or material commitments as of the report date [92]. IPO and Financial Projections - The estimated net proceeds from the IPO and private placement are projected to be $67,125,000, or $77,118,750 if the underwriters' over-allotment option is fully exercised [87]. - Approximately $66,625,000, or $76,618,750 if the over-allotment option is exercised in full, will be held in a trust account for the benefit of public shareholders [87]. - As of August 12, 2022, a total of $75,776,763.75 from the IPO and private placement was deposited in a trust account [103]. - The company anticipates using substantially all net proceeds from the IPO and private units to acquire target businesses and cover related expenses [89]. Post-IPO Expenses and Financing Needs - The company expects to incur significant expenses post-IPO, including approximately $70,000 for legal and accounting expenses, $100,000 for target business searches, and $180,000 for utilities and administrative support [92]. - The company may need additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient [91]. Risk Factors - There have been no material changes to previously disclosed risk factors as of the report date [99].
Embrace Change Acquisition Corp.(EMCGU) - 2022 Q2 - Quarterly Report