23 Sep 2026
Chinese tire maker ends SPAC merger after transaction misses August deadline
New York – Tianji Tire has terminated its proposed $450 million (€379m) merger with US special purpose acquisition company Embrace Change Acquisition Corp.
In a 14 Sept stock SEC filing, Embrace Change said Tianji had issued a termination notice 10 Sept after the transaction was not completed by the agreed 12 Aug deadline.
The move ends a proposed listing process first announced in January 2025, under which Tianji was to become a publicly traded company in the US.
As previously reported by ERJ, Embrace Change shareholders last month extended the SPAC’s own deadline for completing a business combination by a year to August 2027. (ERJ report)
Under the original deal, Tianji shareholders were to receive $450 million in newly issued shares, valued at $10 each. The transaction had initially been expected to close in mid-2025.
Founded in 2020 and based in Jiaozuo, Henan province, Tianji produces truck and passenger car tires.
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