Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition receives $100K extension to May 5 for business combination

Fortune Rise Acquisition Corp

$100,000 deposited into trust account, $0.032 per public share, extending deadline to May 5, 2024.
Sixth of twelve permitted one-month extensions under amended governing documents from October 2023.
Funded via non-interest bearing promissory note to Water On Demand, Inc., convertible into Class A shares at $10.00.
Extension provides additional time to consummate initial business combination; SPAC still searching for target.

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 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: 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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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001683168-24-002200

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