Embrace Change Acquisition Corp.EMCGF
Shareholder meeting
Aug 11, 2026
A meeting is scheduled. The deadline for electing to redeem usually falls two to seven days before it; this proxy did not state it in a form we would parse without guessing, so check the filing.
Cash in trust
$27.5M
$27,469,158
Trust per share
$9.47
Redemption value
IPO
Aug 2022
—
Combination deadline
Aug 12, 2023
Deadline passed
Filings on record
158
Latest Sep 14, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Jan 27, 2025
Overview
Embrace Change Acquisition Corp. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001869601. It completed its initial public offering in Aug 2022. Class A shares trade under the ticker EMCGF. The vehicle is sponsored by Wuren Fubao through Wuren Fubao Inc. The mandate targets generalist. Definitive business-combination agreement signed, closing pending.
“We plan to focus on the management team of potential target companies because we believe that only a mature and adaptable management team is the most reliable competitive edge in dealing with complex competitive environments, and because all good products and services are built by a good team.”
Reading the filings
Arithmetic on what Embrace Change Acquisition Corp. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $9.47 per public share, below the $10.00 unit price. A trust that has fallen under the offering price usually means charges against it or a restatement, so read the most recent quarterly report before relying on the figure.
Time on the clock
The stated combination deadline of Aug 12, 2023 has passed without a closing in our filing record. Either an extension was approved that we have not yet indexed, or the vehicle is in wind-down. Check the latest proxy statement.
Extension history
Shareholders have already approved 5 extensions. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Underwriting
US Tiger Securities led the offering. It has been named on 14 SPAC IPOs, book-running 2 of them, and 45.5% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Embrace Change Acquisition Corp. must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
158 filings in all. 5 in the last three months, against a busiest month of 17.
Scores
Recomputed 29m agoThree readings of Embrace Change Acquisition Corp., each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
LowHow much does the structure protect a holder right now?
2/100
- Trust accretion1
$9.47 per share
- Runway3
-1164 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
10/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Deal freshness31
announced 630 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
27/100
- Lead bank record1
45.5%
- Bank franchise6
14 SPAC mandates
- Trust scale17
$27M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Embrace Change Acquisition Corp.
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- 8-K
Entry into a material definitive agreement
Item 1.01 · Accession 0001493152-26-042465
- NT 10-Q
Late quarterly report notification
Accession 0001493152-26-037340
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 5.03, 5.07, 8.01, 9.01 · Accession 0001493152-26-037260
- DEF 14A
Definitive proxy statement
Accession 0001493152-26-034110
- PRE 14A
PRE 14A
Accession 0001493152-26-032548
- NT 10-Q
Late quarterly report notification
Accession 0001493152-26-025322
- NT 10-K
Late annual report notification
Accession 0001493152-26-014216
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001326389-26-000024
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000927971-26-000011
- 8-K
Current report
Item 5.02 · Accession 0001493152-25-029645
- 10-Q
Quarterly report
Accession 0001493152-25-027065
- NT 10-Q
Late quarterly report notification
Accession 0001493152-25-023874
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000803012-25-000033
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000927971-25-000033
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000927971-25-000032
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001104659-25-110748
- 425
Business-combination communication
Accession 0001493152-25-018919
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001493152-25-018918
- 25-NSE
Notification of delisting
Accession 0001354457-25-000921
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001140361-25-034155
- 10-Q
Quarterly report
Accession 0001641172-25-024827
- 8-K
Notice of delisting or failure to satisfy a listing rule
Item 3.01 · Accession 0001641172-25-024606
- NT 10-Q
Late quarterly report notification
Accession 0001641172-25-023653
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001104659-25-077142
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001085146-25-004874
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 5.03, 5.07, 8.01, 9.01 · Accession 0001641172-25-022993
- DEF 14A
Definitive proxy statement
Accession 0001641172-25-021158
- PRE 14A
PRE 14A
Accession 0001641172-25-020063
- 10-Q
Quarterly report
Accession 0001829126-25-003812
- NT 10-Q
Late quarterly report notification
Accession 0001829126-25-003721
Pro
Track EMCGF without the delay
Free accounts see this filing history a day late. Pro shows every document minutes after EDGAR publishes it, opens it on EDGAR in one click, and adds the twelve-month deadline calendar.
- Filings live, no 24-hour delay
- One click through to the source document
- Deadline calendar out to 12 months
- CSV export, API and MCP access
Cancel any time. Billed monthly in USD.
Embrace Change Acquisition Corp.: questions answered
What is Embrace Change Acquisition Corp. (EMCGF)?
Embrace Change Acquisition Corp. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001869601. It completed its initial public offering in Aug 2022. Class A shares trade under the ticker EMCGF. The vehicle is sponsored by Wuren Fubao through Wuren Fubao Inc. The mandate targets generalist. Definitive business-combination agreement signed, closing pending.
How much does Embrace Change Acquisition Corp. hold in trust?
Approximately $27,469,158, or about $9.47 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Embrace Change Acquisition Corp. complete a merger?
By Aug 12, 2023, after 5 shareholder-approved extensions. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Embrace Change Acquisition Corp. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Embrace Change Acquisition Corp., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $9.47 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Embrace Change Acquisition Corp. trade under?
Class A shares trade as EMCGF. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Embrace Change Acquisition Corp.?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
Who sponsors Embrace Change Acquisition Corp., and what is their track record?
Wuren Fubao Inc is the sponsor entity, part of the Wuren Fubao franchise. This is the only vehicle we have attributed to that sponsor.
Which banks underwrote the Embrace Change Acquisition Corp. IPO?
Tiger Brokers (NZ), US Tiger Securities, EF Hutton, Joseph Gunnar &. US Tiger Securities and EF Hutton were credited as book-running managers on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Embrace Change Acquisition Corp. tradeable, and where?
Our market-data provider returns no quote for EMCGF. That is normal for a vehicle that has not begun trading, has been delisted after a wind-up, or is too thinly traded to carry a two-sided market. The absence of a quote is shown as "not quoted" rather than as a zero.
Is Embrace Change Acquisition Corp. a good investment?
That is not a question this site answers. Embrace Change Acquisition Corp. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Embrace Change Acquisition Corp. data come from?
Filings Embrace Change Acquisition Corp. submitted to the SEC under CIK 0001869601: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
SPACListing is a reference-data service, not an investment adviser. Nothing here is a recommendation to buy or sell any security.
Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Wuren Fubao: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
US Tiger Securities in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Generalist SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.