Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition extends business combination deadline to April 5, 2024 with $100K trust deposit

Fortune Rise Acquisition Corp

$100,000 deposited into trust account ($0.032/share) for fifth one-month extension.
Deadline for initial business combination extended from March 5, 2024 to April 5, 2024.
Unsecured promissory note issued to Water On Demand, Inc.; non-interest bearing, convertible at $10.00.
Principal may be prepaid; conversion into Class A common shares at $10.00/share.
Company has up to twelve total one-month extensions under amended governing documents.

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 0001683168-24-001335

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