Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition extends deadline to Nov 5, 2023 with $100k deposit from sponsor affiliate

Fortune Rise Acquisition Corp

Deposited $100k ($0.027/share) into trust for sixth one-month extension from Oct 5 to Nov 5, 2023.
Issued unsecured promissory note to Water On Demand, Inc.; non-interest bearing, due at combination or liquidation.
Note principal convertible into Class A shares at $10.00 per share at holder's option.
Extension funded by OriginClear subsidiary; SPAC now has until Nov 5 to complete initial business combination.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.97

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

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 0001683168-23-006978

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