CLEARWATER, FL / ACCESSWIRE / May 2, 2023 / Fortune Rise Acquisition Corporation (Nasdaq:FRLA) ("FRLA" or the "Company") today announced that its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), has requested a one-month extension to complete its initial business combination. Per the terms of the agreement, the Sponsor will deposit an aggregate of $330,064.50 (representing an additional $0.0625 per public share) into the Company's trust account for the benefit of its valued public stockholders. This additional contribution enables the Company to extend the date by which the Company has to complete its initial business combination for an additional one-month extension from May 5, 2023 to June 5, 2023. Such contribution effectively increases the pro rata portion of the funds available in the Company's trust account in the event of the consummation of an initial business combination, liquidation, or other redemption event, by $0.0625 per share. The request is subject to approval by the Company's Board of Directors. Should the Company's Board of Directors approve the Sponsor's request, the Sponsor has until May 5, 2023 to deposit the funds into the Company's trust account. The Sponsor's contribution will be funded as a non-interest bearing loan that will either be paid upon earlier of consummation of an initial business combination or the Company's liquidation.
Fortune Rise Acquisition Corporation Announces Sponsor's Request for an Additional One-Month Extension to Complete its Initial Business Combination
May 03, 2023
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