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United
States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): July
5, 2024
FORTUNE
RISE ACQUISITION CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
001-40990 |
|
86-1850747 |
(State or other jurisdiction of
incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
13575 58th Street North, Suite 200
Clearwater, Florida |
|
33760 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: 727-440-4603
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on
which registered |
Units, each consisting of one share of Class A Common Stock and one-half of one Warrant |
|
FRLAU |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Class A Common Stock, par value $0.0001 per share |
|
FRLA |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 |
|
FRLAW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On July 5, 2024, $100,000 (the “Extension
Payment”) was deposited into the trust account of Fortune Rise Acquisition Corporation, a Delaware corporation (the “Company”),
for the public shareholders, representing $0.032 per public share, which enables the Company to extend the period of time it has to consummate
its initial business combination by one month from July 5, 2024 to August 5, 2024 (the “Extension”). The Extension
is the ninth of the twelve one-month extensions permitted under the Company’s governing documents, as amended in October 2023.
In connection with the Extension Payment, the
Company issued an unsecured promissory note (the “Note”) to Water On Demand, Inc., a Nevada corporation and the entity
which controls the Company’s sponsor.
The Note is non-interest bearing and payable (subject
to the waiver against trust provisions) on the earlier of (i) consummation of the Company’s initial business combination and (ii)
the date of the liquidation of the Company. The principal balance may be prepaid at any time, at the election of the Company. The holder
of the Note has the right, but not the obligation, to convert its Note, in whole or in part, into private shares of the Class A common
stock (the “Conversion Shares”) of the Company, as described in the prospectus of the Company (File Number 333-256511).
The number of Conversion Shares to be received by the holder in connection with such conversion shall be an amount determined by dividing
(x) the sum of the outstanding principal amount payable to such holder by (y) $10.00.
A copy of the Note is attached as Exhibit 10.1
to this Current Report on Form 8-K and is incorporated herein by reference. The disclosures set forth in this Item 2.03 are intended to
be summaries only and are qualified in their entirety by reference to the Note.
Item 3.02 |
Unregistered Sales of Equity Securities. |
The disclosure contained in Item 2.03 in this Current Report on Form
8-K is incorporated by reference into this Item 3.02.
The issuance of the Note was made pursuant to
the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No commissions were paid in connection
with the issuance of the Note.
Item 7.01 |
Regulation FD Disclosure. |
On July 8, 2024, the Company issued a press release
announcing that the Extension Payment had been made, a copy of which is attached hereto as Exhibit 99.1.
The furnishing of the press release is not an
admission as to the materiality of any information therein. The information contained in the press release is summary information that
is intended to be considered in the context of more complete information included in the Company’s filings with the U.S. Securities
and Exchange Commission (the “SEC”) and other public announcements that the Company has made and may make from time
to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this
report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing
of other reports or documents with the SEC, through press releases or through other public disclosures.
The information in this Item 7.01 of this Current
Report on Form 8-K and the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of
1933, as amended. The information contained in this Item 7.01 and in the press release shall not be incorporated by reference into any
filing with the SEC made by the Company, whether made before or after the date hereof, regardless of any general incorporation language
in such filing.
Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Fortune Rise Acquisition Corporation |
|
|
Date: July 8, 2024 |
By: |
/s/ Ryan Spick |
|
Name: |
Ryan Spick |
|
Title: |
Principal Executive Officer |
Exhibit 10.1
THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
PROMISSORY NOTE
Principal Amount: $100,000 |
Effective as of July 5, 2024
Clearwater, Florida |
Fortune Rise Acquisition Corporation,
a Delaware corporation (“Maker”), promises to pay to the order of Water On Demand, Inc., a Nevada corporation, or its
registered assigns or successors in interest or order (“Payee”), the principal sum of up to One Hundred Thousand Dollars
($100,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by Maker to such account as Payee may from
time to time designate by written notice in accordance with the provisions of this Note.
1. Repayment. The
principal balance of this Note shall be payable by Maker on the earlier of (such date, the “Maturity Date”), subject
to Section 12 below, (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker.
The principal balance may be prepaid at any time, at the election of Maker. Under no circumstances shall any individual, including but
not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities
of the Maker hereunder.
2. Interest. This
Note shall be non-interest bearing.
3. Reserved.
4. Application of Payments. All
payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then to the reduction of the unpaid
principal balance of this Note.
5. Events of Default. The
following shall constitute an event of default (“Event of Default”):
(a) Failure to Make
Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the
date specified above.
(b) Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.
(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.
6. Remedies.
(a) Upon the occurrence
of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately
and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.
(b) Upon the occurrence
of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with
regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.
7. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real property that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.
8. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.
9. Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party
or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.
10. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.
11. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
12. Trust Waiver.
Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account (the “Trust Account”) established in connection with Maker’s
initial public offering, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust
Account for any reason whatsoever; provided, however, that upon the consummation of the initial business combination, Maker shall repay
the principal balance of this Note out of the proceeds released to Maker from the Trust Account.
13. Amendment; Waiver.
Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.
14. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms
of this Note.
[Signature Page Follows]
IN WITNESS WHEREOF, Maker,
intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.
|
Fortune Rise Acquisition Corporation |
|
|
|
|
|
|
|
By: |
/s/ Ryan Spick |
|
|
Name: Ryan Spick |
|
|
Its: CFO |
Acknowledged and Agreed: |
|
|
|
Water On Demand, Inc. |
|
|
|
|
|
/s/ T. Riggs Eckelberry |
|
Name: T. Riggs Eckelberry
Its: Chief Executive Officer
[Signature Page to Promissory Note]
Exhibit 99.1
Fortune Rise Acquisition Corporation Receives
July Monthly Extension From Sponsor Affiliate
to Complete its Initial Business Combination
July 8, 2024 | CLEARWATER, FL – Fortune
Rise Acquisition Corporation (Nasdaq: FRLA) (“FRLA” or the “Company”) today announced that Water
On Demand Inc., a privately-held subsidiary of OriginClear, Inc. (OTC: Other: OCLN) (“OCLN”) and owner of its sponsor,
Fortune Rise Sponsor LLC (the “Sponsor”), has deposited the required $100,000 (representing an additional $0.032 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 July 5, 2024 to August 5, 2024. The extension is
the ninth 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.
Ryan Spick, CFO of FRLA, stated, “OriginClear’s
subsidiary, Water On Demand, Inc., which owns the Sponsor, has made the required deposit for the benefit of the stockholders of Fortune
Rise Acquisition Corporation which provides a one-month extension to complete our initial business combination. These funds provide for
an additional one-month extension which gives us additional time to advance our business combination efforts. Once the business combination
is complete, we remain committed to building the next great technology company and generating significant shareholder value.”
About Fortune Rise Acquisition Corporation
FRLA is a blank check company incorporated in
February 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one or more businesses.
FRLA is a “shell company” as defined
under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will
not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA’s
efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for
a prospective business combination target.
No Offer or Solicitation
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Safe Harbor Statement
Matters discussed in this release contain forward-looking
statements. When used in this release, the words “anticipate,” “believe,” “estimate,” “may,”
“intend,” “expect,” “plans” and similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements
contained herein.
These forward-looking statements are based largely
on the expectations of the Company and are subject to a number of risks and uncertainties. Further information on the Company’s
risk factors is contained in the Company’s quarterly and annual reports as filed with the Securities and Exchange Commission. The
Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason except as may be required
under applicable law.
Contact Information:
Fortune Rise Acquisition Corporation
Ryan Spick
spickryan@gmail.com
v3.24.2
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|
Jul. 05, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 05, 2024
|
Entity File Number |
001-40990
|
Entity Registrant Name |
FORTUNE
RISE ACQUISITION CORPORATION
|
Entity Central Index Key |
0001849294
|
Entity Tax Identification Number |
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|
Entity Incorporation, State or Country Code |
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Fortune Rise Acquisition (NASDAQ:FRLAU)
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Fortune Rise Acquisition (NASDAQ:FRLAU)
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