CLEARWATER, FL - Fortune Rise Acquisition Corporation (Nasdaq:FRLA), also known as FRLA, disclosed today that Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC: Other: OCLN), has deposited an additional $100,000 into the company's trust account. This deposit grants FRLA a one-month extension, until February 5, 2024, to finalize its initial business combination, marking the third of twelve possible one-month extensions outlined by the company's October 2023 amended governing documents.
The contribution increases the pro rata portion of the funds in the trust account by $0.032 per share, available in the event of a business combination, liquidation, or other redemption event. The additional funds are provided as a non-interest bearing loan, to be repaid upon the earlier of a business combination or the company's liquidation.
Ryan Spick, CFO of FRLA, commented on the extension, stating that it affords the company additional time to progress with its business combination efforts.
FRLA, a blank check company formed in February 2021, is designed to undertake a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As a shell company, FRLA has no operations and nominal assets, primarily cash, and will not generate operating revenues until after its initial business combination.
This announcement is based on a press release statement and does not constitute an offer to sell securities or the solicitation of an offer to buy any securities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.