Embrace Change Acquisition, a blank check company targeting the technology, internet, and consumer sectors in China, filed on Wednesday with the SEC to raise up to $50 million.
The Beijing, China-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Embrace Change Acquisition would command a market value of $65 million.
The company is led by CEO and Director Yoann Delwarde, the co-founder and CEO of sales consultancy Infinity Growth and an Expert In Residence for Chinaccelerator. The company plans to target businesses in Asia, particularly in China, in the technology, internet, and consumer sectors, focusing on enterprise services, artificial intelligence, culture and media, biotechnology, new consumer brands, and blockchain, among other areas.
Embrace Change Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: ECAU.RC). EF Hutton is the sole bookrunner on the deal.
