Embrace Change Acquisition Corp. Announces Closing of $73.9 Million Initial Public Offering

Embrace Change Acquisition Corp. Announces Closing of $73.9 Million Initial Public Offering
SAN DIEGO, Aug. 12, 2022 (GLOBE NEWSWIRE) — Embrace Change Acquisition Corp. (NASDAQ: EMCGU, the “Company”) today announced the closing of its initial public offering of 7,392,855 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share, one redeemable warrant and one right (the “IPO”), which includes 892,855 units as a result of the partial exercise of the representative’s over-allotment option. Each redeemable warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share. Each right entitles the holder thereof to acquire one-eighth of an ordinary share.
The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “EMCGU” on August 10, 2022. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and the rights are expected to be traded on Nasdaq under the symbols “EMCG,” “EMCGW” and “EMCGR,” respectively.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), acted as the sole book-running manager for the IPO. US Tiger Securities, Inc. acted as the co-manager for the IPO.
Two registration statements on Form S-1 (File Nos. 333-258221 and 333-265184) relating to these securities was declared effective by the U.S. Securities and Exchange Commission on May 16, 2022 and August 9, 2022, respectively. The IPO is being made only by means of a prospectus, copies of which may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com, or by visiting EDGAR on the SEC’s website at www.sec.gov .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Embrace Change Acquisition Corp.
The Company is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular business, industry, sector or geographical region, although the Company will not consider or undertake a business combination with an entity or business based in, or with its principal or a majority of its business operations (either directly or through any subsidiaries) in, the People’s Republic of China (including Hong Kong and Macau), and, for the avoidance of doubt, it will not enter into an agreement for, or consummate its initial business combination with, such an entity or business, or consummate its initial business combination in circumstances where it is the counterparty to a VIE or other arrangement with a China-based entity. The Company is led by Jingyu Wang, the Company’s Chairman of the Board and Chief Executive Officer, and Zheng Yuan, the Company’s Chief Financial Officer.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Jingyu Wang
Chairman of the Board and Chief Executive Officer Embrace Change Acquisition Corp. 5186 Carroll Canyon Rd San Diego, CA 92121