Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition extends deadline to June 5, 2024 via $100K sponsor deposit

Fortune Rise Acquisition Corp

Water On Demand deposited $100,000 ($0.032/share) into trust for one-month extension to June 5, 2024.
This is the seventh of twelve permitted monthly extensions under amended governing documents.
Extension loan is non-interest bearing, due at business combination or liquidation, convertible into Class A shares at $10.00.
Loan from Water On Demand, Inc., a subsidiary of OriginClear (OCLN), which controls the sponsor.
FRLA must consummate initial business combination by June 5, 2024 or face 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 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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Source: SEC EDGAR

accession 0001683168-24-003056

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