Embrace Change Acquisition (US:EMCG)2024-02-29 16:00Financial 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[102]. - 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[103]. Initial Public Offering (IPO) - The company generated gross proceeds of $73,928,550 from its initial public offering (IPO) on August 12, 2022, by issuing 7,392,855 units at $10.00 per unit[104]. - The company incurred transaction costs of $3,898,030 related to the IPO, which included $739,286 in upfront underwriting fees[107]. Share Redemption - The company redeemed a total of 1,440,891 ordinary shares at a redemption price of approximately $10.68 per share, resulting in an aggregate redemption amount of $15,385,924[97]. Working Capital and Financial Position - As of September 30, 2023, the company had cash available of $9,208 and a working capital deficit of $901,486[108]. - As of September 30, 2023, the company had not borrowed any amounts under Working Capital Loans, but it did borrow $10,000 from the Sponsor for working capital purposes[110]. Combination Period and Amendments - The company extended its Combination Period from August 12, 2023, to March 12, 2024, by making deposits of $700,000 into the Trust Account[100]. - 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[100]. - On October 20, 2023, the company approved an amendment to its Articles of Association, removing restrictions on business combinations with entities based in the People's Republic of China[99].