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
On March 13, 2024, 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
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Embrace Change Acquisition Corp. entered into Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement dated August 9, 2022 with EF Hutton LLC valued at $2,587,499 (effective 2024-03-04).
- Action
- entry
- Agreement
- underwriting
- Counterparty
- EF Hutton LLC
- Value
- $2,587,499
- Effective
- 2024-03-04
Exact text from the filing
On March 4, 2024, Embrace Change Acquisition Corp. (the “Company”) and EF Hutton LLC, formerly known as EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), the underwriter of the Company’s initial public offering, entered into a Satisfaction and Discharge of Indebtedness Pursuant to Underwriting Agreement dated August 9, 2022 (the “Satisfaction and Discharge Agreement”), pursuant to which, EF Hutton agrees to revise the deferred underwriting fee of three point five percent (3.50%) of the gross proceeds of the initial public offering, or $2,587,499, to (1) $750,000 in cash on the date of the closing of the initial business combination (the “Closing”) and (2) 200,000 of registered and unrestricted shares of the Company, shall be issued and delivered to EF Hutton at the Closing.
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