Financial Performance - For the nine months ended September 30, 2023, the company reported a net income of $1,969,273, compared to a net loss of $30,657 for the same period in 2022[89]. - For the three months ended September 30, 2023, the company achieved a net income of $454,799, while in the same period of 2022, it recorded a net loss of $30,657[90]. Initial Public Offering - The company generated gross proceeds of $73,928,550 from its initial public offering (IPO) on August 12, 2022, with 7,392,855 units sold at $10.00 per unit[91]. Working Capital and Cash Position - As of September 30, 2023, the company had a working capital deficit of $901,486 and only $9,208 in cash available on its balance sheet[95]. Combination Period and Extensions - The company extended its Combination Period from August 12, 2023, to March 12, 2024, by making deposits of $700,000 into the Trust Account[87]. - The company has the right to extend the Combination Period five more times for an additional one month each time, from March 12, 2024, to August 12, 2024[87]. Share Redemptions - A total of 1,440,891 ordinary shares were redeemed at a price of approximately $10.68 per share, resulting in an aggregate redemption amount of $15,385,924[84]. - Following the Annual General Meeting on October 20, 2023, 824,682 ordinary shares were redeemed for cash at a redemption price of approximately $10.81 per share, totaling $8,911,074[86]. Business Operations - The company has not engaged in any operations or generated revenues to date, with all activities focused on preparing for a Business Combination[88]. Borrowings - The company borrowed $10,000 from the Sponsor during the nine months ended September 30, 2023, which is repayable upon the consummation of a Business Combination[98].
Embrace Change Acquisition Corp.(EMCGU) - 2023 Q3 - Quarterly Report