Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition issues $75K promissory note to affiliate for working capital

Fortune Rise Acquisition Corp

Unsecured note for $75,000 issued to Water On Demand, Inc., an affiliate of sponsor.
Non-interest bearing; payable upon earlier of business combination or liquidation.
Holder may convert principal into Class A shares at $10.00 per share.
Proceeds will be used for working capital; note is subject to trust account waiver.
Issuance exempt from registration under Securities Act Section 4(a)(2).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fortune Rise Acquisition Corp incurred loan of $75,000 with Water On Demand, Inc. at non-interest bearing maturing on the earlier of (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker.

Instrument: loan
Principal: $75,000
Counterparty: Water On Demand, Inc.
Rate: non-interest bearing
Maturity: on the earlier of (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker
Event: incurrence

Exact text from the filing

approved the issuance of an unsecured promissory note dated March 9, 2023 in the principal amount of $75,000

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Source: SEC EDGAR

accession 0001104659-23-035572

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