Fortune Rise Acquisition Corp. (FRLAU) Prices $85M IPO


Fortune Rise Acquisition Corp. (FRLAU) Prices $85M IPO

Fortune Rise Acquisition Corp. announced the pricing of its $85 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FRLAU” Wednesday, November 3.

The new SPAC’s efforts to identify a target business will not be limited to a particular industry or geographic region, although the Company is prohibited from undertaking initial business combination with any entity that conducts a majority of its business or is headquartered in China (including Hong Kong and Macau). Fortune Rise is led by CEO Lei Huang, President and Chairwoman Lei Xu, and CFO Yuanmei Ma.

Total SPAC deal count for 2021 year-to-date is now 506. This offering is expected to close on Friday, November 5.

US Tiger Securities, Inc. and EF Hutton, division of Benchmark Investments, LLC are acting as the joint book running managers in the offering. Hunter Taubman Fischer & Li LLC is serving as Issuer’s Counsel with Winston & Strawn LLP serving as Underwriter’s Counsel. Friedman LLP serves as auditor. Wilmington Trust, National Association is acting as trustee.