Embrace Change Acquisition Corp. announced a private placement of an unsecured convertible promissory note in the principal amount of $100,000 on October 12, 2023. The transaction included participation from individual investor Zheng Yuan.

The extension fee note bears no interest and is repayable in full upon the consummation of the company?s initial business combination. It is convertible at the Yuan?s election upon the consummation of the company?s initial business combination. Upon such election, the extension fee note will convert, at a price of $10 per unit, into units identical to the private placement units.