Embrace Change Acquisition Corp. (NASDAQ: EMCGU), a blank check company newly incorporated as a Cayman Islands exempted company, recently announced the pricing of its initial public offering of 6,500,000 units, each at a price of $10.00, with each unit consisting of one ordinary share, one redeemable warrant and one right. Each redeemable warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, and each right entitles the holder to acquire one-eighth of an ordinary share. The units have commenced trading on the Nasdaq Global Market under the ticker symbol EMCGU, with the IPO expected to close on Aug. 12, 2022, subject to customary conditions. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to begin trading on the Nasdaq under the symbols EMCG, EMCGW and EMCGR, respectively. EF Hutton, division of Benchmark Investments LLC, is acting as the sole book-running manager, and US Tiger Securities Inc. is acting as the co-manager for the IPO. Embrace Change Acquisition Corp. has granted the underwriters a 45-day option to purchase up to 975,000 additional units at the IPO price to cover over-allotments, if any.
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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 its Chairman of the Board and Chief Executive Officer Yoann Delwarde and Chief Financial Officer Zheng Yuan.
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