Fortune Rise Acquisition Corp: debt financing — FRLA extends deadline to July 5 with $100K trust deposit; issues convertible note

Fortune Rise Acquisition Corp

Deposited $100,000 ($0.027/share) into trust account to extend business combination deadline from June 5 to July 5, 2023.
Extension is second of six permitted one-month extensions under company's governing documents.
Issued unsecured, non-interest bearing promissory note to Water On Demand, Inc. (sponsor affiliate) for $100,000.
Note converts into Class A common shares at $10.00 per share; payable upon business combination or liquidation.
Press release confirms funds increase pro rata portion available in trust by $0.027 per share.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Fortune Rise Acquisition Corp incurred loan of $100,000 with Water On Demand, Inc. at non-interest bearing maturing earlier of (i) consummation of the Company's initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $100,000
Counterparty: Water On Demand, Inc.
Rate: non-interest bearing
Maturity: 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

xtension Payment, the Company 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 0001683168-23-003950

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