Embrace Change Acquisition Corp is a SPAC — a blank check company with no operations of its own — formed to identify and merge with a private company, thereby taking it public. Embrace Change raised ~$74M in its August 2022 IPO, with proceeds held in a trust account invested in Treasury bills until a deal closes. The SPAC sponsor earns its return through "promote": founder shares acquired at nominal cost before the IPO convert into regular shares at deal close, worth far more than the original cost. Public shareholders can either redeem at ~$10.25 per share (trust value) or remain invested in the combined company post-merger. As of January 2025, Embrace Change has signed a merger agreement with Tianji Tire Global, a Cayman Islands-incorporated tire company, though the filing provides little detail about Tianji's operations. If the Tianji deal falls through, Embrace Change intends to pursue targets in technology, internet, and consumer sectors. Embrace Change has a deadline of August 2025 to complete a business combination, after which it must liquidate and return trust funds to shareholders. The company has extended its deadline multiple times, depositing $75,000 per month into the trust per extension, and received Nasdaq delisting notices in 2024 for fee non-payment and late SEC filings.