Fortune Rise Acquisition Corporation Announces Sixth One-Month Extension Received From Sponsor Affiliate To Complete Its Initial Business Combination
Portfolio Pulse from Benzinga Newsdesk
Fortune Rise Acquisition Corporation (FRLA) has announced a sixth one-month extension to complete its initial business combination, funded by a $100,000 deposit from Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTHER). The extension moves the deadline from October 5, 2023, to November 5, 2023. The contribution increases the pro rata portion of the funds available in FRLA's trust account by $0.027 per share.
October 05, 2023 | 8:13 pm
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NEUTRAL IMPACT
FRLA has received a sixth one-month extension to complete its initial business combination, funded by a $100,000 deposit from Water On Demand Inc., a subsidiary of OriginClear, Inc. This could potentially increase the value of FRLA shares.
The extension gives FRLA more time to complete its initial business combination, which could potentially lead to a more favorable outcome for the company and its shareholders. However, it's uncertain how the market will react to this news in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
OriginClear, Inc.'s subsidiary, Water On Demand Inc., has funded a $100,000 deposit to extend FRLA's deadline for its initial business combination. This shows OriginClear's continued support for FRLA.
OriginClear's subsidiary's contribution shows its continued support for FRLA. However, as OriginClear is not directly involved in the business combination, the impact on its stock price is uncertain in the short term.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 75