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Fortune Rise Acquisition Corp

11.2
0.0 (0.00%)
Last Update: 01 Jul 2025 16:30:00
Yesterday: 11.2
Day's Range: 11.2 - 11.2
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When Written:
 
10.66
Fortune Rise Acquisition Corp is a Special Purpose Acquisition Company (SPAC) that was formed for the purpose of acquiring one or more businesses or assets. SPACs are shell companies that are created for the sole purpose of raising capital through an initial public offering (IPO) with the intention of using the funds to acquire an existing company. Once the SPAC has raised the funds, it has a limited time to find a suitable acquisition target, typically two years. If the SPAC fails to find a target within the allotted time, it must return the funds to its investors.

Fortune Rise Acquisition Corp was listed on the NASDAQ stock exchange in February 2021, raising $200 million through its IPO. The company is led by CEO and Chairman Jia Yueting, a Chinese entrepreneur who is best known for founding the video streaming service LeEco. The company has not yet announced any specific acquisition targets, but it has stated that it is focused on identifying businesses in the technology, media, and telecommunications sectors.

Note: This message is generated by artificial intelligence; it does not guarantee the accuracy of the information it contains and should not be considered as investment advice.
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