CLEARWATER, FL / ACCESSWIRE / May 8, 2023 / Fortune Rise Acquisition Corporation (Nasdaq:FRLA) ("FRLA" or the "Company") today announced that an affiliate of its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), has deposited the required $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 which provides a one-month extension to complete the Company's initial business combination. This additional contribution extends 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 contribution was 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 Additional One-Month Extension Received From Sponsor Affiliate to Complete its Initial Business Combination
May 08, 2023
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