Fortune Rise Acquisition in an 8-K filing said it has abandoned a merger agreement with VCV Digital Technology, a crypto-mining company.
The decision was mutual, the SPAC said in the filing. No reason was given. The filing made no mention of the SPAC’s plans going forward.
Announced in May, the deal was expected to provide approximately $99.7 million in gross proceeds, plus an additional $100 million in earnout shares if the merged company had hit certain benchmarks. Read more.
