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 |
(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 |
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1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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14 |
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16 |
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16 |
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17 |
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17 |
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17 |
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17 |
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17 |
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17 |
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17 |
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18 |
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19 |
September 30, 2022 |
December 31, 2021 |
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(Unaudited) |
(Audited) |
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ASSETS |
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C ash |
$ | $ | ||||||
Deferred offering costs |
— | |||||||
|
|
|
|
|||||
Total Current Assets |
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Marketable securities held in Trust Account |
— | |||||||
Total Assets |
$ |
$ |
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|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Current Liabilities |
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Promissory note – related party |
$ | — | $ | |||||
Accrued expenses |
— | |||||||
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|
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Total Current Liabilities |
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Deferred underwriter fee payable |
— | |||||||
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Total Liabilities |
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|
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Commitments and Contingencies (Note 6 ) |
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Ordinary shares subject to possible redemption, per share at September 30, 2022 and 1 |
— | |||||||
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|
|
|
|||||
Stockholders’ Equity (Deficit) |
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Ordinary Shares, par value $ subject to redemption) and |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
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|
|
|||||
Total Stockholders’ Equity (Deficit) |
( |
) | ||||||
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|
|
|
|||||
Total Liabilities and Stockholders’ Equity (Deficit) |
$ |
$ |
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|
|
|
|
For the |
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Period from |
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March 3, |
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For the Three |
For the Three |
For the Nine |
2021 |
|||||||||||||
months |
months |
months |
(inception) |
|||||||||||||
ended |
ended |
ended |
through |
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September 30, |
September 30, |
September 30, |
September 30, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||||||||
Formation and operating costs |
$ | ( |
) | $ | — | $ | ( |
) | $ | ( |
) | |||||
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|
|
|
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|
|
|
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Loss from operations |
( |
) | — | ( |
) | ( |
) | |||||||||
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Other income and expense: |
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Investment income earned on investments held in Trust Account |
— | — | ||||||||||||||
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|
|
|
|
|
|
|
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Net Loss |
$ |
( |
) | $ |
— | $ |
( |
) |
$ |
( |
) | |||||
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|
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Weighted average shares outstanding, basic and diluted |
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|
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|
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Basic and diluted net loss per ordinary share |
$ |
( |
) | $ |
( |
) | $ |
( |
) | $ |
( |
) | ||||
|
|
|
|
|
|
|
|
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
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Balance – December 31, 2021 (Audited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Net loss |
— | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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Balance – March 31, 2022 (Unaudited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Net loss |
— | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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Balance – June 30, 2022 (Unaudited) |
$ |
$ |
$ |
( |
) |
$ |
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Sale of IPO Unit |
— | |||||||||||||||||||
Sale of Private Placement Units |
— | |||||||||||||||||||
Offering and Underwriting costs |
— | — | ( |
) | — | ( |
) | |||||||||||||
Ordinary shares subject to possible redemption |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Issuance of representative share s |
( |
) | — | — | ||||||||||||||||
Accretion APIC to deficit |
— | — | ( |
) | — | |||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||
Re-measurement of ordinary shares subject to redemption |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
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Balance – September 30, 2022 (Unaudited) |
$ |
$ |
$ |
( |
) | $ |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – March 3, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – March 31, 2021 (Unaudited) |
( |
) | ( |
) | ||||||||||||||||
Issuance of Ordinary shares to Sponsor (1) |
— | |||||||||||||||||||
Balance – June 30, 2021 (Unaudited) |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net loss |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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Balance – September 30, 2021 (Unaudited) |
$ |
$ |
$ |
( |
) |
$ |
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(1) |
Prior to the Initial Public Offering, the Company issued Over-Allotment Option, an aggregate of |
For the |
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Period from |
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March 3, |
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For the Nine |
2021 |
|||||||
months |
(inception) |
|||||||
ended |
through |
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September 30, |
September 30, |
|||||||
2022 |
2021 |
|||||||
(Unaudited) |
(Unaudited) |
|||||||
Cash flows from Operating Activities: |
||||||||
Net Loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Investment income earned on investments held in Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Accrued expenses |
( |
) | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash Flows from Investing Activities: |
||||||||
Marketable securities held in Trust Account |
( |
) | — | |||||
|
|
|
|
|||||
Net cash used in investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from issuance of Ordinary shares to Sponsor |
— | |||||||
Proceeds from sale of Units, net of underwriting discount paid |
— | |||||||
Proceeds from sale of private placement units |
— | |||||||
Proceeds from Promissory note |
— | |||||||
Repayment of promissory note - related party |
( |
) | — | |||||
Payment of offering costs |
( |
) | ||||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
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|
|
|
|||||
Net Change in Cash |
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Cash – Beginning of period |
||||||||
|
|
|
|
|||||
Cash – Ending of period |
$ | $ | ||||||
|
|
|
|
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Supplemental Disclosures of Noncash Financing Activities |
||||||||
Deferred offering costs included in promissory note |
( |
) |
— | |||||
Deferred offering costs included in accrued offering costs |
|
|
— |
|
|
|
|
|
Deferred underwriting fee payable |
— | |||||||
Initial Valuation of ordinary shares subject to possible redemption |
— | |||||||
Re-measurement of ordinary shares subject to redemption (1) |
|
|
|
|
|
|
— |
|
(1) |
The value of ordinary share subject to redemption was re-measured with investment income earned on investments held in Trust Account. |
For the Three Months Ended September 30, 2022 |
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2022 |
For The Period from March 3, 2021 (inception) through September 30, 2021 |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | ||||||
Denominator: weighted average number of ordinary shares |
||||||||||||||||
Basic and diluted net loss per share |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
• | 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: November 8, 2022 | EMBRACE CHANGE ACQUISITION CORP. | |||||
By: | /s/ Zheng Yuan | |||||
Name: | Zheng Yuan | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |