SCHEDULE: TD Securities Reports 0.5% Stake in Embrace Change Acquisition Corp.

TD Securities (USA) LLC and its affiliates have filed an amended Schedule 13G, reporting beneficial ownership of 0.5% of Embrace Change Acquisition Corp.'s ordinary shares as of September 30, 2025.

Summary

• TD Securities (USA) LLC beneficially owns 23,706 ordinary shares of Embrace Change Acquisition Corp.
• This ownership represents 0.5% of the total class of ordinary shares.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating a passive investment position.
• The reporting group includes TD Securities (USA) LLC, Toronto Dominion Holdings USA Inc., TD Group US Holdings LLC, and Toronto Dominion Bank, with TD Securities (USA) LLC holding the direct beneficial ownership.
• The event date requiring this filing was September 30, 2025, and the filing date was November 13, 2025.

Sentiment

Score: 5

Explanation: The filing is a routine Schedule 13G amendment disclosing passive beneficial ownership, providing no specific positive or negative sentiment regarding the issuer's performance or prospects.

Industry Context

Schedule 13G filings are routine disclosures for institutional investors holding less than 5% of a company's shares, indicating a passive investment. Embrace Change Acquisition Corp. is a Special Purpose Acquisition Company (SPAC), and institutional ownership is common in such entities as they seek a target company for merger or acquisition.

Related Party Transactions

• The filing details the hierarchical ownership structure among the reporting persons: Toronto Dominion Holdings USA Inc. is the sole owner of TD Securities (USA) LLC; TD Group US Holdings LLC is the sole owner of Toronto Dominion Holdings USA Inc.; and Toronto Dominion Bank is the sole owner of TD Group US Holdings LLC. Each disclaims ownership except to the extent of pecuniary interest therein.

Stakeholder Impact

• Shareholders: Provides transparency regarding institutional ownership, confirming a passive stake by TD Securities (USA) LLC, which is a routine disclosure for institutional investors.

Key Dates

Keywords

Embrace Change Acquisition Corp, TD Securities, Schedule 13G, beneficial ownership, ordinary shares, SPAC, institutional ownership