Fortune Rise in a regulatory filing said redemptions ahead of a successful extension vote removed $47.5 million from trust, leaving about $56 million. The SPAC now has until Nov. 6 to complete a deal.
Fortune Rise in January signed a letter of intent for a potential merger with Water on Demand. A definitive agreement has yet to be announced.
The SPAC last summer called off a merger agreement with crypto miner VCV Digital Technology. That deal was expected to provide approximately $99.7 million in gross proceeds. Read more.
Source: Fortune Rise Wins Extension, Loses 46% of Trust