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Fortune Rise Acquisition Corporation (NASDAQ: FRLA) is a blank check company, commonly known as a Special Purpose Acquisition Company (SPAC). Incorporated in February 2021 in Delaware, the company was formed with the intent of merging, acquiring assets, or a similar business combination with one or more entities. As a shell company, FRLA does not have any operational activities or significant assets beyond its cash reserves.
Recently, FRLA has been making significant strides towards its first business combination. On July 19, 2023, the company announced that Water On Demand Inc., a subsidiary of OriginClear, Inc., made a $100,000 deposit into FRLA’s trust account, extending the deadline to complete its initial business combination to August 5, 2023. This move enhances the funds available for public shareholders and demonstrates FRLA’s commitment to finalize a business combination beneficial to its investors.
On July 27, 2023, FRLA hired Richard A. Brand as its Principal Executive Officer and Chief Financial Officer, and engaged Nelson Mullins Riley & Scarborough LLP for legal advisory services related to its proposed business combination with Water on Demand, Inc. This combination aims to leverage Water On Demand’s expertise to capitalize on the growing demand for water purification technology.
As of January 9, 2024, Ryan Spick has taken over as Principal Executive Officer and Chief Financial Officer, reaffirming FRLA’s commitment to completing its business combination with Water on Demand. Ryan Spick's background in institutional and commercial construction, along with his strategic planning skills, positions him well to lead the company through this pivotal stage.
FRLA’s vision is to build the next great technology company and generate significant shareholder value. Although currently without any operational revenues, the company remains focused on merging with entities that align with its long-term growth strategies.
Fortune Rise Acquisition (FRLA) announced the termination of its Business Combination Agreement with Water On Demand, Inc. and its subsequent liquidation. The mutual termination was executed on December 9, 2024. As FRLA did not make the required monthly extension deposit on December 5, 2024, the company will cease operations and proceed with liquidation.
The company will redeem 100% of its Offering Shares at approximately $11.94 per share, with the trust account balance at approximately $10.0 million as of December 11, 2024. FRLA will retain $50,000 for dissolution expenses. The company has 843,183 remaining public shares. All warrants will expire worthless, and FRLA ceased operations on December 6, 2024.
Fortune Rise Acquisition (NASDAQ:FRLA) has received a one-month extension to complete its initial business combination, extending the deadline from November 5, 2024, to December 5, 2024. This extension was facilitated by Water On Demand Inc., a subsidiary of OriginClear Inc. and owner of Fortune Rise Sponsor , which deposited $50,590.98 ($0.06 per public share) into FRLA's trust account. The contribution was made as a non-interest bearing loan, repayable upon either the completion of an initial business combination or company liquidation. This is the first of six permitted monthly extensions following amendments made in November 2024.
Fortune Rise Acquisition (NASDAQ:FRLA) is progressing with its planned merger with Water On Demand Inc. (WODI), a subsidiary of OriginClear. FRLA stockholders have approved an extension to complete the de-SPAC transaction from November 5, 2024, to May 5, 2025. Due to Nasdaq rules requiring SPAC delisting after three years, FRLA will be delisted effective November 11, 2024. The Sponsor is working to transition FRLA to OTC trading while WODI's Nasdaq application for the post-combination company continues. The Business Combination Agreement, dated October 23, 2023, remains in effect.
Fortune Rise Acquisition (NASDAQ:FRLA) announced that Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC PINK:OCLN) and owner of its sponsor, Fortune Rise Sponsor , has deposited $100,000 into the Company's trust account. This deposit provides a one-month extension to complete FRLA's initial business combination, extending the deadline from October 5, 2024, to November 5, 2024.
The contribution increases the pro rata portion of funds available in the trust account by $0.032 per public share. This is the twelfth and final one-month extension permitted under the Company's governing documents, as amended in October 2023. The contribution is a non-interest bearing loan that will be repaid upon the earlier of the consummation of an initial business combination or the Company's liquidation.
Fortune Rise Acquisition (Nasdaq: FRLA) has received a one-month extension to complete its initial business combination. Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC: OCLN) and owner of FRLA's sponsor, has deposited $100,000 into FRLA's trust account. This extends the deadline from September 5, 2024, to October 5, 2024.
The contribution increases the pro rata portion of funds available in the trust account by $0.032 per public share. This is the eleventh of twelve permitted one-month extensions. The funds are provided as a non-interest bearing loan, repayable upon consummation of a business combination or liquidation.
Ryan Spick, CFO of FRLA, stated that this extension provides additional time to advance their business combination efforts and reaffirmed their commitment to building a significant technology company post-combination.
Fortune Rise Acquisition (Nasdaq: FRLA) has received a one-month extension to complete its initial business combination, extending the deadline from August 5, 2024, to September 5, 2024. This extension, the tenth of twelve permitted, was facilitated by a $100,000 deposit from Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC: OCLN) and owner of FRLA's sponsor.
The deposit, equivalent to $0.032 per public share, increases the pro rata funds available in the trust account. This non-interest bearing loan will be repaid upon the earlier of the business combination's consummation or the company's liquidation. Ryan Spick, CFO of FRLA, emphasized that this extension provides additional time to advance their business combination efforts and reaffirmed their commitment to building a significant technology company post-combination.
Fortune Rise Acquisition (Nasdaq: FRLA) announced that Water On Demand Inc., a subsidiary of OriginClear and owner of Fortune Rise Sponsor , has deposited $100,000 into the company's trust account. This payment extends the deadline for Fortune Rise Acquisition to complete its initial business combination from July 5, 2024, to August 5, 2024. This is the ninth of up to twelve possible one-month extensions allowed under the company's governing documents.
With this deposit, public stockholders receive an additional $0.032 per share in the trust account. The extension aims to provide Fortune Rise with more time to finalize its business combination. The deposit was made as a non-interest-bearing loan, repayable upon either the consummation of the business combination or the company's liquidation.
Fortune Rise Acquisition (NASDAQ:FRLA) announced a one-month extension to complete its initial business combination.
This extension, provided by Water On Demand, a subsidiary of OriginClear (OTC: OCLN), involves a $100,000 deposit into the Company's trust account.
The new deadline is July 5, 2024, marking the eighth of twelve permissible one-month extensions under FRLA's governing documents.
This contribution increases the pro rata portion of the trust funds by $0.032 per share, benefiting public stockholders.
The deposit is a non-interest bearing loan, repayable upon the business combination's completion or the Company's liquidation.
FRLA's CFO, Ryan Spick, highlighted the importance of this extension in advancing their business combination efforts and creating significant shareholder value.
Fortune Rise Acquisition (Nasdaq:FRLA) announced an extension to complete its initial business combination, with Water On Demand Inc. depositing $100,000 into the trust account for public stockholders, extending the deadline to June 5, 2024. This seventh extension adds $0.032 per share to the trust account, funded as a non-interest bearing loan. CFO Ryan Spick highlighted the commitment to advancing business combination efforts and generating shareholder value.
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