Item 8.01 Other Events.
On November 5, 2021, Fortune Rise Acquisition Corporation (the "Company")
consummated an initial public offering (the "IPO") of 9,775,000 units (the
"Units"), which included 1,275,000 units issued upon the full exercise of the
underwriters' over-allotment option. Each Unit consists of one share of Class A
common stock, $0.0001 par value per share (the "Class A Common Stock"), and
one-half of one redeemable warrant (the "Warrants"), each whole Warrant
entitling the holder thereof to purchase one share of Class A Common Stock at an
exercise price of $11.50 per share. The Units were sold at an offering price of
$10.00 per Unit, generating gross proceeds of $97,750,000.
On November 5, 2021, simultaneously with the consummation of the IPO, the
Company completed the private sale (the "Private Placement") of 545,500 shares
of Class A Common Stock (the "Private Placement Shares"), including 505,500
shares to the Company's sponsor, Fortune Rise Sponsor LLC (the "Sponsor") and
40,000 shares to U.S. Tiger Securities and EF Hutton, a division of Benchmark
Investment LLC, two representatives of the several underwriters (each, a
"Representative"), at a purchase price of $10.00 per Private Placement Share,
generating gross proceeds to the Company of $5,455,000.
The proceeds of $99,705,000 ($10.20 per Public Unit) in the aggregate from the
IPO and the Private Placement, were placed in a trust account (the "Trust
Account") established for the benefit of the Company's public stockholders and
the underwriters of the IPO with Wilmington Trust, National Association acting
as trustee.
An audited balance sheet as of November 5, 2021, reflecting receipt of the
proceeds upon consummation of the IPO and the Private Placement has been issued
by the Company and is included as Exhibit 99.1 to this Current Report on Form
8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description of Exhibits
99.1 Audited Balance Sheet as of November 5, 2021.
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FORTUNE RISE ACQUISITION CORPORATION 
