Fortune Rise Acquisition Corporation announced that Water On Demand Inc., a privately-held subsidiary of OriginClear, and owner of its sponsor, Fortune Rise Sponsor, has deposited the required $100,000 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 March 5, 2024 to April 5, 2024. The extension is the fifth of the twelve one-month extensions permitted under the Company’s governing documents, as amended in October 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 $0.032 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.
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