8-K/A filed December 15, 2023, 6:59 PM ET ticker EMCGF CIK 0001869601

debt confidence high sentiment neutral materiality 0.60

Embrace Change Acquisition Corp. (EMCGF): debt financing — Embrace Change Acquisition Corp. deposits $100,000 to extend business combination deadline by one month

Embrace Change Acquisition Corp.

Company and sponsor deposited $90,000 and $10,000 respectively into trust account on September 8, 2023.
Extension moves deadline from September 12, 2023 to October 12, 2023 for completing a business combination.
Company issued an unsecured promissory note of $10,000 to sponsor, convertible into units at $10.00 per unit.
Conversion would result in issuance of 1,000 private placement units identical to IPO private placement units.
Note bears no interest and is repayable only upon consummation of the business combination.

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 $10,000 with Wuren Fubao Inc., the Company’s sponsor at bears no interest maturing upon the consummation of the Company’s business combination.

Instrument: loan
Principal: $10,000
Counterparty: Wuren Fubao Inc., the Company’s sponsor
Rate: bears no interest
Maturity: upon the consummation of the Company’s business combination
Event: incurrence

Exact text from the filing

the Company issued an unsecured promissory note (the “Extension Fee Note”), effective as of September 8, 2023, in an amount of $10,000 to the Sponsor. The Extension Fee Note bears no interest and is repayable in full upon the consummation of the Company’s business combination.

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Source: SEC EDGAR

accession 0001193125-23-296689

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