Fortune Rise Acquisition Corporation Receives September Monthly Extension From Sponsor Affiliate to Complete its Initial Business Combination
Fortune Rise Acquisition (Nasdaq: FRLA) has received a one-month extension to complete its initial business combination.
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Rhea-AI Summary
Fortune Rise Acquisition (Nasdaq: FRLA) has received a one-month extension to complete its initial business combination. Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC: OCLN) and owner of FRLA's sponsor, has deposited $100,000 into FRLA's trust account. This extends the deadline from September 5, 2024, to October 5, 2024.
The contribution increases the pro rata portion of funds available in the trust account by $0.032 per public share. This is the eleventh of twelve permitted one-month extensions. The funds are provided as a non-interest bearing loan, repayable upon consummation of a business combination or liquidation.
Ryan Spick, CFO of FRLA, stated that this extension provides additional time to advance their business combination efforts and reaffirmed their commitment to building a significant technology company post-combination.
Positive
- Extension provides more time to complete initial business combination
- Additional $100,000 ($0.032 per share) added to trust account for stockholders' benefit
- Increased pro rata portion of funds available in trust account
Negative
- Eleventh extension out of twelve permitted, indicating potential difficulties in completing business combination
- Additional funds provided as a loan, potentially increasing debt
Details
News Market Reaction – FRLA
The recorded move for FRLA in the trading session of this news was -0.09%.
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CLEARWATER, FL / ACCESSWIRE / September 6, 2024 / Fortune Rise Acquisition Corporation (Nasdaq:FRLA) ("FRLA" or the "Company") today announced that Water On Demand Inc., a privately-held subsidiary of OriginClear, Inc. (OTC: Other:OCLN) ("OCLN") and owner of its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), has deposited the required
Such contribution effectively increases the pro rata portion of the funds available in the Company's trust account in the event of the consummation of an initial business combination, liquidation, or other redemption event, by
Ryan Spick, CFO of FRLA, stated, "OriginClear's subsidiary, Water On Demand, Inc., which owns the Sponsor, has made the required deposit for the benefit of the stockholders of Fortune Rise Acquisition Corporation which provides a one-month extension to complete our initial business combination. These funds provide for an additional one-month extension which gives us additional time to advance our business combination efforts. Once the business combination is complete, we remain committed to building the next great technology company and generating significant shareholder value."
About Fortune Rise Acquisition Corporation
FRLA is a blank check company incorporated in February 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
FRLA is a "shell company" as defined under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA's efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for a prospective business combination target.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Safe Harbor Statement
Matters discussed in this release contain forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," "plans" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein.
These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason except as may be required under applicable law.
Contact Information:
Fortune Rise Acquisition Corporation
Ryan Spick
spickryan@gmail.com
SOURCE: Fortune Rise Acquisition Corporation
View the original press release on accesswire.com
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