Embrace Change Acquisition Corp. (EMCGF): Nasdaq/NYSE listing notice — Embrace Change extends SPAC deadline to Nov 12; receives Nasdaq deficiency notice

Embrace Change Acquisition Corp.

CFO Zheng Yuan deposited $100k to extend business combination deadline one month to Nov 12, 2023.
Nasdaq notified company of non-compliance with minimum 400 ordinary-share holders for Global Market listing.
Company must submit compliance plan by Nov 27, 2023; may transfer to Nasdaq Capital Market.
Promissory note to CFO is convertible into units at $10/unit upon consummation of initial business combination.
Note is unsecured, non-interest bearing, and repayable only from funds outside the trust account if no deal closes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Embrace Change Acquisition Corp. incurred loan of $100,000 with Zheng Yuan at bears no interest maturing upon the consummation of the Company's initial business combination.

Instrument: loan
Principal: $100,000
Counterparty: Zheng Yuan
Rate: bears no interest
Maturity: upon the consummation of the Company's initial business combination
Event: incurrence

Exact text from the filing

the Company issued an unsecured promissory note (the “Extension Fee Note”), effective as of October 10, 2023, in an amount of $100,000 to Ms. Yuan.

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Embrace Change Acquisition Corp. received a nasdaq deficiency notice notice regarding shareholders (rules 5450(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: shareholders
Rules: 5450(a)(2)

Exact text from the filing

October 12, 2023, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not in compliance with Listing Rule 5450(a)(2) of The Nasdaq Global Market in connection with its listing of the Company’s ordinary shares, par value $0.001 per share (the “Ordinary Shares”), which requires the Company to maintain a minimum of 400 total holders of its Ordinary Shares for continued listing on The Nasdaq Global Market. The Notice is only a notification of deficiency, not of imminent delisting, and h

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Embrace Change Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-256081

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