Embrace Change Acquisition (EMCG) - 2022 Q3 - Quarterly Report

Disclosure Controls and Procedures - The company conducted an evaluation of its disclosure controls and procedures as of September 30, 2022, and concluded that they were not effective during the reporting period[106]. - There were no changes in internal control over financial reporting that materially affected the company's internal control during the fiscal quarter ended September 30, 2022[107]. Financial Activities - The company issued an aggregate of 1,437,500 ordinary shares to initial shareholders, resulting in 1,848,214 founder shares outstanding after adjustments[111]. - The IPO on August 12, 2022, generated total gross proceeds of $73,928,550 from the sale of 892,855 Units at an offering price of $10.00 per Unit[112]. - A private placement generated total proceeds of $3,737,500 from the sale of 373,750 Private Units, which are identical to the Units sold in the IPO[113]. - A total of $75,776,764 of the net proceeds from the IPO and Private Placement were deposited in a trust account for the benefit of public shareholders[114]. - Transaction costs for the IPO amounted to $3,898,030, including $739,286 in up-front underwriting fees[115]. Risk Factors and Legal Proceedings - The company has not disclosed any material changes to previously reported risk factors as of the date of this Quarterly Report[110]. - There were no legal proceedings reported during the fiscal quarter[109]. - The company has not reported any defaults upon senior securities[117].