Embrace Change Acquisition Corp. (EMCGF): debt financing — Embrace Change Acquisition extends combination deadline to Jan 12, 2024 with $100K note from CFO

Embrace Change Acquisition Corp.

Issued $100,000 promissory note to CFO Zheng Yuan to extend trust account deadline one month to January 12, 2024.
Note bears no interest, repayable upon business combination, convertible into units at $10.00 per unit.
Conversion would issue 10,000 private placement units (ordinary shares, warrants, rights) under Section 4(a)(2) exemption.
Extension fee note is an unregistered sale of equity securities; reliance on exemption from registration.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

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

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

Exact text from the filing

On December 15, 2023, Embrace Change Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Extension Fee Note”), in an amount of $100,000 to Zheng Yuan, the Company’s Chief Financial Officer, for the $100,000 Ms. Yuan deposited into the Company’s trust account to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from December 12, 2023 to January 12, 2024.

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Source: SEC EDGAR

accession 0001193125-23-297612

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