Polar Asset cuts Embrace Change (EMCGF) beneficial ownership to 0%

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. filed an amended Schedule 13G showing it now reports beneficial ownership of 0 ordinary shares of Embrace Change Acquisition Corp, representing 0% of the class of ordinary shares, par value $0.0001 per share.

The firm states it has no sole or shared voting or dispositive power over any of the issuer’s shares and confirms it owns 5 percent or less of the class. Polar files in its capacity as an investment adviser registered with the Ontario Securities Commission.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Embrace Change Acquisition Corp

(Name of Issuer)

Ordinary shares, par value $0.0001 per share, included as part of the units

(Title of Class of Securities)

G3034H109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G3034H109

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Embrace Change Acquisition Corp
(b)	Address of issuer's principal executive offices: 5186 Carroll Canyon Rd, San Diego, CA, 92121
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Ordinary shares, par value $0.0001 per share, included as part of the units
(e)	CUSIP No.: G3034H109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	02/17/2026

FAQ

What did Polar Asset Management report in its Schedule 13G/A for EMCGF?

Polar Asset Management reported beneficial ownership of 0 ordinary shares of Embrace Change Acquisition Corp, representing 0% of the class. The firm also reported no sole or shared voting or dispositive power over any of the issuer’s shares.

Who is the reporting person in this Embrace Change (EMCGF) Schedule 13G/A?

The reporting person is Polar Asset Management Partners Inc., a company incorporated under Ontario law. It serves as investment adviser to Polar Multi-Strategy Master Fund and is registered with the Ontario Securities Commission in several regulatory capacities.

What percentage of Embrace Change (EMCGF) shares does Polar Asset Management own?

Polar Asset Management reports owning 0% of the ordinary shares of Embrace Change Acquisition Corp. The filing shows an aggregate beneficially owned amount of 0 shares, with no voting or dispositive power over any shares of the issuer.

What class of securities is covered in this Embrace Change (EMCGF) filing?

The filing covers ordinary shares of Embrace Change Acquisition Corp with a par value of $0.0001 per share, which are included as part of the issuer’s units. The CUSIP number for this class of securities is G3034H109.

Where is Embrace Change Acquisition Corp (EMCGF) headquartered according to the filing?

Embrace Change Acquisition Corp’s principal executive offices are listed at 5186 Carroll Canyon Rd, San Diego, CA 92121. This address identifies the corporate headquarters location used in the ownership disclosure by Polar Asset Management Partners Inc.

What certification does Polar Asset Management give in the EMCGF Schedule 13G/A?

Polar certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of the issuer. It also states the position is not connected with any transaction intended to affect control, except certain nomination activities.