Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition deposits $100K to extend deadline to Oct 5, 2023 (5th of 6 extensions)

Fortune Rise Acquisition Corp

$100,000 deposited into trust ($0.027 per public share) to extend business combination deadline by one month to October 5, 2023.
Extension is the fifth of six one-month extensions permitted under company's governing documents.
Company issued an unsecured, non-interest bearing promissory note to Water On Demand, Inc. (controlling sponsor entity).
Note is payable upon consummation of business combination or liquidation; convertible into Class A common shares at $10.00 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 0.9

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.

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Source: SEC EDGAR

accession 0001683168-23-006290

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