Announcement • Nov 08
Fortune Rise Acquisition Receives Notice from the Staff of the Listing Qualifications Department of the Nasdaq for Not Completing an Initial Business Combination On November 4, 2024, Fortune Rise Acquisition Corporation (the Company" or FRLA") received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq") stating that because the Company had not completed an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering, it was not in compliance with Nasdaq IM 5101-2, and was therefore subject to delisting. The Company has until November 11, 2024 to request a hearing before the Nasdaq Hearings Panel (the Panel"), but will not request a hearing before the Panel and intends to trade on the over the counter (OTC) market. The Company recently secured stockholder approval to extend its life by up to six months, to May 5, 2025. Trading in the Company's securities on Nasdaq will be suspended at the opening of business on November 11, 2024, and trading of the Company's securities on the OTC market is expected to commence shortly thereafter. The delisting and commencement of trading on OTC does not affect the Company's previously announced business combination agreement with Water on Demand Inc., as both parties continue to work to effectuate the completion of the transaction. The combined company intends to apply for up-listing on the Nasdaq Stock Market in connection with the completion of the business combination. Announcement • Aug 15
Fortune Rise Acquisition Corporation announced delayed 10-Q filing On 08/14/2024, Fortune Rise Acquisition Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jun 15
Fortune Rise Acquisition Announces That the Hearings Panel Issues Written Notice of its Decision As previously disclosed, on April 16, 2024, Fortune Rise Acquisition Corporation received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(3), which requires the Company to have at least 300 public holders for continued listing on the Nasdaq Capital Market. On April 24, 2024, the Company received an additional notice from the Staff stating that the Company was not in compliance with Nasdaq Listing Rule 5250(f) because it had not paid certain fees to Nasdaq, which served as an additional basis for delisting the Company’s securities from the Nasdaq Capital Market. The fees were subsequently paid in full. The Company timely requested a hearing before an independent Hearings Panel regarding the Public Holders Notice. A hearing on the matter was held on May 30, 2024. On June 11, 2024, the Panel issued written notice of its decision. In view of the Company’s substantial steps toward closing its previously announced initial business combination with Water on Demand Inc. and its plan for achieving compliance with Nasdaq listing rules upon closing of the transaction for listing on the Nasdaq Capital Market, the Panel granted the Company’s request for an exception to the listing deficiencies with regards to the Public Holders Rule until October 14, 2024. Further, the Panel’s decision stated that prior to the Hearing, the Company cured its deficiency regarding the Fee Payment Rule. 
