Embrace Change Acquisition Corp. (EMCGF): debt financing — Embrace Change Acquisition extends deadline to Dec 12, 2023 via $190K promissory note from CFO

Embrace Change Acquisition Corp.

CFO Zheng Yuan deposited $100,000 into trust account to extend business combination deadline by one month to December 12, 2023.
Ms. Yuan also paid $90,111.54 in company bills; total $190,111.54 covered by unsecured promissory note issued Nov 13, 2023.
Note bears no interest, repayable upon consummation of business combination, and convertible into private placement units at $10/unit.
If converted, up to 19,011 private placement units (each containing one ordinary share, warrant, and right) would be issued.

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 $190,111.54 with Zheng Yuan at bears no interest maturing upon the consummation of the Company's initial business combination.

Instrument: loan
Principal: $190,111.54
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

On November 13, 2023, the Company issued an unsecured promissory note (the “Note”), effective as of November 10, 2023, in an amount of $190,111.54 to Ms. Yuan. The Note bears no interest and is repayable in full upon the consummation of the Company’s initial business combination.

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Source: SEC EDGAR

accession 0001193125-23-277101

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