Embrace Change Acquisition Corp announced it has issued unsecured promissory working capital note to individual investor, Zheng Yuan, the Company?s Chief Financial Officer, for the gross proceeds of $70,000 on March 21, 2024. The Working Capital Note bears no interest and is repayable in full upon the consummation of the Company?s initial business combination. It is convertible, up to $500,000 of the notes, at the Ms. Yuan?s election upon the consummation of the Company?s initial business combination.

Upon such election, the Working Capital Note will convert, at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company?s initial public offering.