Here are the 10-Q quarterly reports from Embrace Change Acq CP WTS (EMCWF) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow EMCWF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EMCWF filings page.
Embrace Change Acquisition Corp., a Cayman Islands SPAC, reported unaudited results for the quarter and nine months ended September 30, 2025 while advancing its planned merger with Tianji Tire Global (Cayman) Limited. The company held $27.47 million of cash and investments in its trust account and only $5,431 of operating cash, with a stockholders’ deficit of $7.38 million. For the nine months, it recorded a net loss of $169,811, as modest operating costs were mostly offset by interest income on trust assets. Embrace Change has agreed to issue 45,000,000 shares valued at $450 million to Tianji shareholders at closing of the business combination. Heavy redemptions have reduced public shares subject to possible redemption to 126,388, and about 2.10 million shares were redeemed for roughly $26 million in December 2025. The company warns of substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by August 12, 2026, and its securities have been delisted from Nasdaq after failing to complete a deal within Nasdaq’s SPAC timeframe.