Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition deposits $330k to extend business combination deadline to June 5, 2023

Fortune Rise Acquisition Corp

$330,064.50 deposited into trust account ($0.0625/share) for one-month extension from May 5 to June 5, 2023.
Extension is the first of six permitted one-month extensions under the company's governing documents.
Issued unsecured, non-interest bearing promissory note to Water On Demand, Inc. (sponsor affiliate) for the payment.
Note principal due upon consummation of business combination or liquidation; convertible into Class A shares at $10.00/share.
Press release filed May 8, 2023 announcing the trust deposit and extension.

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 $330,064.50 with Water On Demand, Inc. at non-interest bearing maturing the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $330,064.50
Counterparty: Water On Demand, Inc.
Rate: non-interest bearing
Maturity: the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

ompany issued an unsecured promissory note (the “ Note ”) to Water On Demand, Inc., a Nevada corporation and the entity which controls the Company’s sponsor.

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Source: SEC EDGAR

accession 0001683168-23-003016

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