Fortune Rise Acquisition Corp: debt financing — Fortune Rise SPAC extends deadline to Aug 5 with $100k trust deposit; appoints new CFO

Fortune Rise Acquisition Corp

$100k deposited ($0.027/share) into trust for one-month extension to Aug 5, 2023; third of six allowed.
Unsecured non-interest promissory note issued to Water On Demand (sponsor affiliate), convertible at $10/sh.
J. Richard Iler resigned all positions effective July 14, 2023; no disagreement cited.
Richard Brand appointed CFO and PEO effective July 14; consulting agreement at $10k/month for six months.

item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

J. Richard Iler

Other

Fortune Rise Acquisition Corp

Effective: 2023-07-14
Successor: Richard A. Brand
Filed: July 19, 2023, 7:59 PM ET

Effective July 14, 2023, J. Richard Iler resigned from all positions with the Company.

Appointed

Richard A. Brand

Chief Financial Officer and Principal Executive Officer

Fortune Rise Acquisition Corp

Effective: 2023-07-14
Filed: July 19, 2023, 7:59 PM ET

Effective July 14, 2023, the board of directors of the Company unanimously appointed Richard A. Brand to serve as the Company’s Chief Financial Officer and Principal Executive Officer.

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 $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.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

J. Richard Iler resigned as other at Fortune Rise Acquisition Corp.

Action: resigned

Exact text from the filing

Effective July 14, 2023, J. Richard Iler resigned from all positions with the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard A. Brand was appointed as Chief Financial Officer and Principal Executive Officer at Fortune Rise Acquisition Corp.

Action: appointed
Role: Chief Financial Officer and Principal Executive Officer

Exact text from the filing

Effective July 14, 2023, the board of directors of the Company unanimously appointed Richard A. Brand to serve as the Company’s Chief Financial Officer and Principal Executive Officer.

View on SEC.gov

26 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001683168-23-004988

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