QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
/A | ||||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
1 | ||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
14 | ||||
16 | ||||
16 | ||||
17 | ||||
17 | ||||
17 | ||||
17 | ||||
17 | ||||
17 | ||||
17 | ||||
1 8 |
||||
19 |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
(Audited) |
|||||||
ASSETS |
||||||||
Current asset – cash |
$ | $ | ||||||
Deferred offering costs |
||||||||
Total Assets |
$ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current Liabilities |
||||||||
Promissory note – related party |
$ | $ | ||||||
Total Current Liabilities |
||||||||
Commitments and Contingencies |
||||||||
Stockholders’ Equity |
||||||||
Ordinary Shares, par value $ (1) |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total Stockholders’ Equity |
||||||||
Total Liabilities and Stockholders’ Equity |
$ | $ | ||||||
(1) | Includes an aggregate of |
Three months ended March 31, 2022 |
For the Period from March 3, 2021 (inception) through March 31, 2021 |
For the Period from March 3, 2021 (inception) through December 31, 2021 |
||||||||||
(Unaudited) |
(Unaudited) |
(Audited) |
||||||||||
Operating costs |
$ | — | $ | ( |
) | $ | ( |
) | ||||
Net Loss |
— | $ | ( |
) | $ | ( |
) | |||||
Weighted average shares outstanding, basic and diluted (1) |
||||||||||||
Basic and diluted net loss per ordinary share |
( |
) | ( |
) | $ | ( |
) | |||||
(1) | Excludes an aggregate of |
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
|||||||||||||||||
Shares (1) |
Amount |
|||||||||||||||||||
Balance – December 31, 2021 (Audited) |
$ |
$ | $ |
( |
) |
$ |
||||||||||||||
Net loss |
— | — | — | |||||||||||||||||
Balance – March 31, 2022 (Unaudited) |
$ |
$ | $ |
( |
) |
$ |
||||||||||||||
(1) | Includes an aggregate of |
Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – March 3, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Ordinary shares to Sponsor (1) |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance – March 31, 2021 (Un a udited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
(1) | Includes an aggregate of |
Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – March 3, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Ordinary shares to Sponsor (1) |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance – December 31, 2021 (Audited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
(1) | Includes an aggregate of |
Three months ended March 31, 2022 |
For the Period from March 3, 2021 (inception) through March 31, 2021 |
For the Period from March 3, 2021 (inception) through December 31, 2021 |
||||||||||
(Unaudited) |
(Unaudited) |
(Audited) |
||||||||||
Cash flows from Operating Activities: |
||||||||||||
Net Loss |
$ | — | $ | ( |
) | $ | ( |
) | ||||
Changes in operating assets and liabilities: |
||||||||||||
Operating costs |
— | |||||||||||
Net cash used in operating activities |
||||||||||||
Cash Flows from Financing Activities: |
||||||||||||
Proceeds from issuance of Ordinary shares to Sponsor |
— | — | ||||||||||
Proceeds from Promissory note |
— | — | ||||||||||
Payment of offering costs |
— | — | ( |
) | ||||||||
Net cash provided by financing activities |
— | — | ||||||||||
Net Change in Cash |
||||||||||||
Cash – Beginning of period |
||||||||||||
Cash – Ending of period |
$ | $ | $ | |||||||||
Supplemental Disclosures of Noncash Financing Activities |
||||||||||||
Deferred offering costs included in promissory note |
• | at any time while the Warrants are exercisable, |
• | upon not less than |
• | if, and only if, the reported last sale price of the ordinary share equals or exceeds $ |
• | if, and only if, there is a current registration statement in effect with respect to the ordinary share underlying such warrants at the time of redemption and for the entire |
• | $70,000 of expenses for the legal, accounting and other third-party expenses in connection with initial business combination; |
• | $100,000 of expenses for the search for target businesses, due diligence investigations, structuring and negotiating of our initial business combination; |
• | $50,000 of expenses relating to our SEC filing obligations and other legal and accounting fees related to regulatory reporting obligations; |
• | $180,000 of expenses for the payment for utilities and secretarial and administrative support; and |
• | $100,000 for general working capital that will be used for miscellaneous expenses. |
* |
These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: July 20, 2022 | EMBRACE CHANGE ACQUISITION CORP. | |||||
By: | /s/ Zheng Yuan | |||||
Name: | Zheng Yuan | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |