Embrace Change Acquisition Corp. (EMCGF): debt financing — Embrace Change Acquisition Corp. issues $81,000 convertible promissory note to CFO

Embrace Change Acquisition Corp.

$81,000 unsecured promissory note issued to CFO Zheng Yuan to pay a bill; no interest, due upon business combination.
Convertible at $10/unit into units identical to private placement units; up to $500k total notes convertible.
Issuance relies on Section 4(a)(2) exemption as unregistered sale; 8,100 units would be issued if fully converted.

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 $81,000 with Zheng Yuan at bears no interest maturing upon the consummation of the Company's initial business combination.

Instrument: loan
Principal: $81,000
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 May 7, 2024, Embrace Change Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Working Capital Note”), in an amount of $81,000 to Zheng Yuan, the Company’s Chief Financial Officer, for the $81,000 Ms. Yuan paid for the Company to pay off a bill.

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Source: SEC EDGAR

accession 0001829126-24-003247

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