Fortune Rise Acquisition Corp: debt financing — SPAC Fortune Rise deposits $100K for fourth one-month extension to Sept 5, 2023

Fortune Rise Acquisition Corp

$100,000 deposited into trust for fourth one-month extension; deadline moved from Aug 5 to Sep 5, 2023.
Extension funded by Water On Demand (sponsor affiliate) via non-interest bearing promissory note, convertible at $10.00/share.
Two more monthly extensions remain; sponsor can make up to six total.
Note is unsecured and payable upon business combination or liquidation; principal can be converted into Class A common shares.
Public shareholders have $0.027 per share added to trust; no mention of redemptions.

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 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: $100,000
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

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 0001683168-23-005320

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