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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.
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