Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition deposits $100k to extend deadline to Feb 2024

Fortune Rise Acquisition Corp

$100,000 deposited into trust account ($0.032 per share) for one-month extension to February 5, 2024.
Extension is third of twelve permitted one-month extensions under amended governing documents (Oct 2023).
Loan from Water On Demand, Inc., subsidiary of OriginClear (OCLN), as non-interest bearing promissory note.
Note may be converted into Class A common shares at $10.00 per share, subject to conditions.
Press release issued January 8, 2024 confirming the extension.

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 0001683168-24-000124

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