Fortune Rise Acquisition Corporation announced a private placement of unsecured promissory note in the principal amount of $100,000 on November 6, 2023. The transaction included participation from returning investor Water On Demand, Inc. The note is non-interest bearing and payable on the earlier of consummation of the company?s initial business combination and the date of the liquidation 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 of the company.

The number of conversion shares to be received by the holders in connection with such conversion shall be an amount determined by dividing the sum of the outstanding principal amount payable to such holders by $10. The transaction has been approved by the shareholders of the company.