Fortune Rise Acquisition Corp. (FRLA) Sponsor Sells Interest to Water On Demand
by Marlena Haddad on 2022-12-29 at 5:31pm

Fortune Rise Acquisition Corp. (NASDAQ: FRLA) announced this afternoon that it has entered into a membership interest purchase and transfer agreement resulting in a change in leadership.

On December 22, FRLA’s sponsor, Fortune Rise Sponsor LLC, entered into a purchase agreement with water fintech startup Water On Demand, Inc. (WODI), Ka Wai Cheung, Koon Lin Chan, and Koon Keung Chan pursuant to which WODI purchased 100 membership interests in the sponsor, constituting 100% of the membership interests in the sponsor. The sponsor holds 2,343,750 shares out of 2,443,750 shares of the issued and outstanding shares of Class B Common Stock of Fortune Rise. The purchase price for the membership interests was $403,516.61.

As a result of the purchased interests, the officers and members of the Board of Directors of Fortune Rise tendered their resignations and WODI, as the holder of a majority of the Class B Common Stock, appointed Payam Eshraghian as the sole director and Chairman of the Board of Directors. He will also serve as a Member of the Audit Committee and a Member of the Compensation Committee.

Mr. Eshraghian, also known as Mr. Ian, is the Founder and President of Nerve, LLC, an insurtech and fintech software firm headquartered in California. He is also a strategic advisor for Agtools Inc., an AgriTech SaaS company mitigating risks across the global food supply chain.

Mr. Ian has appointed J. Richard Iler to serve as Fortune Rise’s Principal Executive Officer, CFO, Secretary, and Treasurer. Mr. Iler has spent his professional career in the capital markets working in various positions such as corporate finance, CFO of both public and private companies, and an institutional corporate bond salesman.

Additionally, Mr. Ian has appointed Ronald J. Pollack and Ryan Spick to serve as the company’s directors to fill vacancies left by outgoing directors.

Mr. Pollack is an experienced financial professional, angel investor and board member. He currently serves on the Board of Directors of Ronati and Venocare and the Advisory Board of CISO Global (NASDAQ: CISO). Mr. Pollack previously served on the Board of Directors of TiE Tampa and co-chair of its Florida angel network. Mr. Pollack was the Founder and Managing Partner of Bulldog Capital Management, a $1+ billion family of investment funds with a special focus on technology. He will also serve as Fortune Rise’s Chair of Audit Committee and a Member of the Compensation Committee.

Mr. Spick works with business owners to scale their companies through analysis and targeted improvements. His expertise ranges from determining target audience, market research, branding, developing budgets, estimates, scopes of work to client relations, as well as implementing back-office functions and coordinating with trades.  Mr. Spick will also serve as Fortune’s Chair of the Compensation Committee and a Member of the Audit Committee.

Fortune Rise announced its $85 million IPO in November 2021. The SPAC inked a $294 million deal with crypto mining business VCV Digital Technology in May 2022, but the business combination was terminated just two months after the announcement.

 

Fortune Rise Acquisition Corp. (FRLA) Sponsor Sells Interest to Water On Demand
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved