Embrace Change Acquisition (EMCG) - 2022 Q2 - Quarterly Report

Financial Operations - 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 [85]. - 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 [86]. - 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 [86]. - Total gross proceeds from the IPO amounted to $73,928,550, with units sold at an offering price of $10.00 per unit [100]. - The private placement generated total proceeds of $3,737,500, with the sponsor agreeing to certain transfer restrictions until the completion of the initial business combination [101]. - As of August 12, 2022, a total of $75,776,763.75 of net proceeds from the IPO and private placement were deposited in a trust account [102]. - Transaction costs included $739,285.50 in upfront underwriting fees and a deferred discount of $2,587,499 [103]. Expenses and Costs - The company anticipates incurring approximately $70,000 in legal and accounting expenses, $100,000 for target business searches, and $50,000 for SEC filing obligations over the next 12 months [89]. - The company expects to incur increased expenses as a result of being a public company, including legal, financial reporting, and due diligence costs [85]. Risk Factors - There have been no material changes to previously disclosed risk factors as of the date of this report [98].