---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-256081"
form_type: "8-K"
ticker: "EMCGF"
cik: "0001869601"
company_name: "Embrace Change Acquisition Corp."
filed_at: "2023-10-13T23:59:59+00:00"
generated_at: "2026-06-10T00:14:54.274820+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Embrace Change extends SPAC deadline to Nov 12; receives Nasdaq deficiency notice

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-256081
- form_type: 8-K
- ticker: EMCGF
- cik: 0001869601
- company_name: Embrace Change Acquisition Corp.
- filed_at: 2023-10-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.03, 3.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1869601/000119312523256081/0001193125-23-256081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1869601/000119312523256081/d558215d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-256081
- JSON: https://secwatch.observer/filing/0001193125-23-256081.json
- Plain text: https://secwatch.observer/filing/0001193125-23-256081.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1869601/000119312523256081/0001193125-23-256081-index.htm
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1869601/000119312523256081/0001193125-23-256081-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.