Fortune Rise Acquisition Corporation Announces Fourth One-Month Extension Received From Sponsor Affiliate To Complete Its Initial Business Combination
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") and owner of its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), has deposited the required $100,000 (representing an additional $0.027 per public share) into the Company's trust account for the benefit of its valued public stockholders which provides a one-month extension to complete the Company's initial business combination. This additional contribution extends the date by which the Company has to complete its initial business combination for an additional one-month extension from August 5, 2023 to September 5, 2023. The extension is the fourth of the six one-month extensions permitted under the Company's governing documents.
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 $0.027 per share. The contribution was funded as a non-interest bearing loan that will either be paid upon earlier of consummation of an initial business combination or the Company's liquidation.
Richard Brand, 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."