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Fortune Rise Acquisition Corp. Class A ( (FRLA) ) has provided an update.
Fortune Rise Acquisition Corporation has secured a final one-month extension to finalize its initial business combination, thanks to a $100,000 payment from Water On Demand Inc., its sponsor’s owner. This extension, running from October 5 to November 5, 2024, represents the twelfth and last permissible extension under the company’s amended documents. The payment boosts the trust account for the benefit of public shareholders, with a non-interest-bearing loan that converts under certain conditions. This move aims to provide additional time to enhance the prospects of a successful business combination, thereby focusing on creating substantial value for shareholders.
See more insights into FRLA stock on TipRanks’ Stock Analysis page.
