EMCG SPAC enters $450M merger agreement with Tianji Tire Global

Embrace Change Acquisition Corp.

EMCG to issue 45M shares at $10 each ($450M total) to Tianji shareholders.
Transaction requires SEC effectiveness, Nasdaq listing, and CSRC China filing acceptance.
Outside date for closing is August 12, 2025; termination provisions standard.
Sponsor Wuren Fubao Inc. and certain Tianji shareholders enter support and lock-up agreements.

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