Fortune Rise Acquisition Corp. Class A (FRLA) has released an update to notify the public and investors about its financial commitment initiation.
Fortune Rise Acquisition Corporation has extended its deadline to complete its initial business combination by one month, depositing $100,000 into its trust account for shareholders, which equates to $0.032 per share. This extension is part of the twelve one-month extensions allowed by the company’s amended documents. Concurrently, the company issued a non-interest-bearing promissory note to the entity controlling its sponsor, Water On Demand, Inc., which is payable upon the earlier of the business combination or company liquidation. The note may be converted into Class A common stock at the holder’s discretion.
For further insights into FRLA financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
