Fortune Rise Acquisition priced its IPO of 8.5 million units at $10 each. Units begin trading today on the Nasdaq under FRLAU. Each consists of one share of Class A common stock and one-half of a warrant.
After the securities begin separate trading, stock and warrants are expected to list under FRLA and FRLAW.
The SPAC has not cited any specific sectors it may target for an acquisition, but will exclude any companies operating in China, including Hong Kong and Macau.
The underwriters have the option to purchase up to an additional 1.275 million units at the IPO price to cover over-allotments, if any. S Tiger Securities and EF Hutton are joint book-running managers in the offering. EF Hutton is also acting as qualified independent underwriter.
The offering is expected to close Nov. 5. Read more.
