Embrace Change Acquisition Corp. (EMCGU) expects to raise $75 million in an initial public offering on Wednesday, June 1st, IPO Scoop reports. The company will issue 7,500,000 shares at $10.00 per share.
Embrace Change Acquisition Corp. has a market-cap of $97.9 million.
EF Hutton acted as the underwriter for the IPO and Tiger Brokers was co-manager.
Embrace Change Acquisition Corp. provided the following description of their company for its IPO: "We are a blank check company. It is our intention to pursue prospective targets that are in the technology, Internet and consumer sectors. We will look for companies with established brands, stable cash flow and readiness to access capital markets. In addition, we want to find companies that are truly technology driven and have strong industry competencies. (Incorporated in the Cayman Islands) We will not pursue a target company or a business combination with any company or business in China, Hong Kong and Macau.
Our CEO Yoann Delwarde is the co-founder and CEO of Infinity Growth, a company that has helped nearly 25 companies from dozens of industries in seven countries increase their sales globally. Mr. Delwarde, who is from France, has many years of experience working in France and China. Our CFO Zheng Yuan has extensive financial management experience, having worked for several major Chinese banks. From October 2010 to March 2016, she was the vice president of the International Banking Department of Bank of Beijing Corp., responsible for international settlements, cooperation with international counterparts, and anti-money laundering operations. We believe that Ms. Zheng Yuan's extensive and long-term multinational financial management experience will help us to better identify the financial risks of potential investment targets and to find outstanding companies to acquire. (Note: On May 24, 2022, Embrace Change Acquisition Corp. filed an S-1 – constituting Post-Effective Amendment No. 1 to the Prior Registration Statement – to include unaudited interim financial statements for the three months ended March 31, 2022, and to include rights as part of the units to be sold in the offering.
The new S-1, dated May 24, 2022, register 8.625 million rights to acquire 1/8 of an ordinary share and 1,078,125 ordinary shares underlying the rights. (See the cover of the prospectus.) In an S-1/A filing dated Oct. 27, 2021, Embrace Change Acquisition Corp. increased the size of its IPO to 7.5 million units – up from 5.0 million units in its initial filing on July 28, 2021.) ".
Embrace Change Acquisition Corp. was founded in 2021 and has 0 employees. The company is located at 5186 Carroll Canyon Rd San Diego, CA 92121 and can be reached via phone at (858) 688-4965.
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