Fortune Rise Acquisition Corp Gets Extension to Meet Nasdaq Listing Rules By Investing.com

Fortune Rise Acquisition Corporation (NASDAQ: FRLA), a specialty industrial machinery company, has been granted an extension until October 14, 2024, to meet Nasdaq’s continued listing requirements. The decision, issued by an independent hearing panel on June 11, 2024, comes after the company failed to comply with the Nasdaq Capital Market’s public holder rule, which requires at least 300 public holders for continued listing.

The Company initially received a notice on April 16, 2024 regarding the Public Holder Rule and then a second notice on April 24, 2024 for non-payment of certain Nasdaq fees. However, prior to the May 30, 2024 hearing, the company resolved the fee payment issue.

The panel’s extension is contingent on the Company’s progress toward completing its initial business combination with Water on Demand, Inc. and its intent to comply with Nasdaq listing rules following the transaction. The merger is expected to fill the deficit of public holders.

Forward-looking statements included in the Company’s filing with the SEC indicate management’s expectations and are subject to known and unknown risks, uncertainties and other factors that could impact the Company’s ability to comply with new to Nasdaq listing requirements.

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