Embrace Change Acquisition Corp. (EMCG) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: December 10, 2025

Risk Assessment Details

Potential Dilution: 577.97% of current shares
Recent Dilution: 44.78% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
2.4M
Potential Supply
14M
Additional shares possible
Splits
None
Past 2 years

Summary

EMCG currently has 2.42M outstanding shares. with significant dilution risk as 14M authorized shares could dilute existing holders by 578.0%. The company has significantly diluted shareholders by 44.78% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Dec 10, 2025

10-Q filing | 2.4M shares outstanding

2.4M 14M
Aug 19, 2025

10-Q filing | 4.5M shares outstanding

4.5M 14M
May 20, 2025

10-Q filing | 4.5M shares outstanding

4.5M 14M
Mar 11, 2025

10-K filing | 4.5M shares outstanding

4.5M 14M
Jan 27, 2025

8-K filing: Embrace Change Acquisition Corp. entered into a merger agreement with Tianji Tire Global (Cayman) Limited, where Purchaser will issue 45,000,000 ordinary shares at $10.00 per share to the shareholders of Tianji as merger consideration. ($450.0M proceeds)

4.5M 14M
Nov 12, 2024

10-Q filing | 4.5M shares outstanding

4.5M 14M
Sep 16, 2024

10-Q filing | 4.5M shares outstanding

4.5M 14M
Aug 07, 2024

10-Q filing | 7.4M shares outstanding

7.4M 14M
Jul 26, 2024

10-K filing | 5.1M shares outstanding

5.1M 14M
Mar 25, 2024

8-K filing: An aggregate of 7,000 private placement units of the Company would be issued if the entire principal balance of the Working Capital Note is converted. The rights constituting a part of the units are exchangeable for ordinary shares, and the warrants constituting a part of the units are exercisable for ordinary shares.

7.4M 14M
Mar 14, 2024

8-K filing: Embrace Change Acquisition Corp. issued 200,000 registered and unrestricted shares to EF Hutton as part of a revised deferred underwriting fee agreement. Additionally, 10,000 private placement units may be issued upon conversion of an Extension Fee Note, with each unit containing rights and warrants exercisable for ordinary shares.

7.4M 14M
Mar 01, 2024

10-Q filing | 7.4M shares outstanding

7.4M 14M
Aug 11, 2023

10-Q filing | 8.1M shares outstanding

8.1M 14M
May 22, 2023

10-Q filing | 9.7M shares outstanding

9.7M 14M
Mar 07, 2023

10-K filing | 9.7M shares outstanding

9.7M 14M
Nov 08, 2022

10-Q filing | 9.7M shares outstanding

9.7M 14M
Aug 12, 2022

10-Q filing | 9.7M shares outstanding

9.7M 14M
Jul 25, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 6,500,000 units at an offering price of $10.00. Each unit consists of one ordinary share, one warrant and one right.

1.9M 14M
Jul 21, 2022

10-Q filing | 1.9M shares outstanding

1.9M 21M
Jul 13, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 6,500,000 units at an offering price of $10.00. Each unit consists of one ordinary share, one warrant, which we refer to throughout this prospectus as the “public warrants”, and one right, which we refer to throughout this prospectus as the “public rights”. Each whole warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share.

1.9M 21M
Jun 21, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at an offering price of $10.00, with each unit consisting of one ordinary share, one warrant, and one right in an initial public offering.

2.2M 15M
Jun 07, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share, one warrant, and one right.

2.2M 23M
May 24, 2022

S-1 filing: Initial public offering of 7,500,000 units at $10.00 per unit, each unit consisting of one ordinary share, one warrant, and one right.

2.2M 15M
May 13, 2022

S-1/A filing: Initial public offering of 7,500,000 units at $10.00 per unit, each unit consists of one ordinary share and one warrant, with each whole warrant entitling the holder to purchase one ordinary share at $11.50 per share.

2.2M 7.5M
May 12, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at an offering price of $10.00, each unit consists of one ordinary share and one warrant.

2.2M 7.8M
Apr 11, 2022

S-1/A filing: Initial public offering of 7,500,000 units at $10.00 per unit, each unit consisting of one ordinary share and one warrant.

2.2M 7.5M
Mar 23, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at an offering price of $10.00 per unit in an initial public offering.

2.2M 7.5M
Mar 14, 2022

S-1/A filing: Initial public offering of 7,500,000 units, each consisting of one ordinary share and one warrant, at an offering price of $10.00 per unit.

2.2M 15M
Mar 03, 2022

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at $10.00 per unit in an initial public offering, with each unit consisting of one ordinary share and one warrant, and also offering 340,000 units in a private placement.

2.2M 9M
Dec 30, 2021

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at $10.00 per unit, each unit consisting of one ordinary share and one warrant, in an initial public offering.

2.2M 7.5M
Oct 27, 2021

S-1/A filing: Embrace Change Acquisition Corp. is offering 7,500,000 units at an offering price of $10.00, with each unit consisting of one ordinary share and one warrant, as part of its initial public offering.

2.2M 7.5M
Sep 03, 2021

S-1/A filing: Initial public offering of 5,000,000 units at $10.00 per unit, each unit consisting of one ordinary share and one warrant, with each warrant exercisable for one ordinary share at $11.50.

1.4M 5M
Jul 28, 2021

S-1 filing: Embrace Change Acquisition Corp. is offering 5,000,000 units at $10.00 per unit, each unit consisting of one ordinary share and one warrant, in an initial public offering.

1.4M 5.3M
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