Embrace Change Acquisition filed a proxy seeking shareholder apprval to remove a restriction blocking the SPAc from pursuing a merger with a company in China, Hong Kong or Macau.
Embrace Change raised $74 million in an IPO a year ago. The SPAC did not identify any specific sectors it may target, but said at that time it would not do a deal with any China-based company.
Shareholders in August approved a deadline extension until Aug. 12, 2024. Ahead of that vote, the SPAC in an 8-K said 1,550,710 shares were tendered for redemption, although earlier this week it accepted a reversal request for 109,819 shares. As a result, 1,440,891 ordinary shares (about 15%) were tendered for redemption, leaving 8,247,857 shares. Read more.
