Fortune Rise Acquisition Corporation Announces the Separate Trading of its Class A Common Stock Shares and Warrants, Commencing December 27, 2021

Rhea-AI Summary

Fortune Rise Acquisition Corporation (NASDAQ: FRLAU) announced that starting December 27, 2021, investors can trade the Company's Class A Common Stock shares and warrants separately from the initial units sold during its IPO. The shares and warrants will trade under the symbols FRLA and FRLAW, while undivided units will continue under FRLAU. This move aims to enhance liquidity for investors. The IPO began trading on November 3, 2021. The Company, organized as a blank check corporation, aims to pursue business combinations but has not yet identified any target.

Positive

• Ability for investors to trade Class A Common Stock and warrants separately enhances liquidity.
• The Company is positioned for future business combinations, potentially increasing shareholder value.

Negative

• None.

NEW YORK, Dec. 22, 2021 /PRNewswire/ -- Fortune Rise Acquisition Corporation (NASDAQ: FRLAU) (the "Company"), a newly organized blank check company incorporated as a Delaware business company and led by Chief Executive Officer and Director Lei Huang, today announced that commencing December 27, 2021, holders of the units sold in the Company's initial public offering may elect to separately trade the Company's Class A Common Stock shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A Common Stock shares and warrants that are separated will trade on The Nasdaq Global Market ("NASDAQ") under the symbols "FRLA," and "FRLAW." Those units not separated will continue to trade on NASDAQ under the symbol "FRLAU."  Holders of units will need to have their brokers contact Vstock Transfer, LLC, the Company's transfer agent, in order to separate the units into Class A Common Stock shares and warrants. The units began trading on NASDAQ under the ticker symbol "FRLAU" on November 3, 2021. The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, email: IB@ustigersecurities.com, or by accessing the SEC's website, www.sec.gov.  

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Fortune Rise Acquisition Corporation 

Fortune Rise Acquisition Corporation is a newly organized blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company has not selected any business combination target and have not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company is prohibited from undertaking initial business combination with any entity that conducts a majority of its business or is headquartered in China (including Hong Kong and Macau).

Forward-Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement, as amended from time to time, and prospectus for the offering filed with the SEC. Such forward-looking statements include the successful consummation of the Company's initial public offering or exercise of the underwriters' over-allotment option. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

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SOURCE Fortune Rise Acquisition Corporation

FAQ

What is the significance of the separate trading of Class A Common Stock and warrants for FRLAU?

It allows investors to trade these components separately, enhancing liquidity and potentially increasing trading volume.

When will separate trading for FRLAU's Class A Common Stock and warrants begin?

Separate trading will commence on December 27, 2021.

Under what symbols will the Class A Common Stock and warrants trade after separation?

The shares will trade under the symbol FRLA, while the warrants will trade under the symbol FRLAW.

What is the trading symbol for the units that will not be separated for FRLAU?

The units that remain undivided will continue to trade under the symbol FRLAU.

What is Fortune Rise Acquisition Corporation's focus for future business combinations?

The Company aims to pursue mergers, capital stock exchanges, asset acquisitions, or reorganizations but has not yet identified any specific business target.