Fortune Rise Acquisition registered with the SEC to offer 8.5 million units at $10 each. A unit consists of one share of Class A common stock and one-half of one redeemable warrant. Whole warrants would be exercisable at $11.50.
The SPAC did not list any specific sectors it may target for an acquisition.
Fortune Rise is led by CEO and Director Lei Huang, who is a director for UP Fintech Holding and MDLand International. He has been the CEO of US Tiger Securities since March 2019.
Tiger Brokers and Kingswood Capital Markets are bookrunners on the deal. The underwriters have a 45-day option to purchase up to an additional 1.275 million units to cover any over-allotments.
The SPAC has applied to list on the Nasdaq under FRLAU. Read more.
