Embrace Change Acquisition Corp. (EMCG)

Embrace Change Acquisition Corp. is a blank check company, or special purpose acquisition company, incorporated in the Cayman Islands and based in San Diego, California. It was formed to raise money from public investors and then merge with an operating business, taking that company public. Its securities included units, ordinary shares, warrants and rights.

The company completed its initial public offering in August 2022 on the NASDAQ Global Market, with its ordinary shares trading as EMCG and its units, warrants and rights carrying related symbols. As with other SPACs, most of the offering proceeds were placed in a trust account to be returned to shareholders who chose to redeem.

In January 2025 Embrace Change signed a merger agreement with Tianji Tire Global (Cayman) Limited, a tire business, in a deal that valued the target at about $450 million in newly issued securities. Several shareholder votes extended the company's deadline as the transaction moved through regulatory filings.

NASDAQ rules require a SPAC to complete its business combination within 36 months of its IPO. Because the merger was not closed by August 9, 2025, NASDAQ delisted the company's securities effective August 21, 2025. Trading continued on the OTC Pink market under the same symbols. In October 2025 the parties amended the merger terms and pushed the deadline to August 12, 2026. The company said it would seek to relist on an exchange once the combination closed.