Fortune Rise Acquisition Corp: debt financing — Fortune Rise receives $100k extension loan, pushes business combination deadline to Jan 5, 2024

Fortune Rise Acquisition Corp

$100k deposited into trust ($0.032 per share) extends deadline from Dec 5, 2023 to Jan 5, 2024.
This is the second of twelve permitted one-month extensions under amended governing documents.
Funded via non-interest bearing unsecured promissory note from Water On Demand, Inc. (sponsor affiliate).
Note is convertible into shares at $10.00 per share, payable upon business combination or liquidation.

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 on 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: on 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

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 0001683168-23-008670

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