Embrace Change Acquisition, a blank check company targeting the technology, internet, and consumer sectors, lowered the proposed deal size for its upcoming IPO on Wednesday.
The San Diego, CA-based company now plans to raise $65 million by offering 6.5 million units at $10. The company most recently filed in October 2021 to offer 7.5 million units at the same price, and originally filed in July 2021 to offer 5 million units. Each unit consists of one share of common stock, one right to receive one-eighth of a share upon completion of an initial business combination, and one warrant, exercisable at $11.50. At the revised deal size, Embrace Change Acquisition will raise -13% less in proceeds than previously anticipated.
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 the technology, internet, and consumer sectors, focusing on enterprise services, artificial intelligence, culture and media, biotechnology, new consumer brands, and blockchain, among other areas. It will not target businesses in China.
Embrace Change Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol EMCGU. EF Hutton is the sole bookrunner on the deal.
