Fortune Rise Acquisition, a blank check company formed by the CEO of US Tiger Securities, filed on Wednesday with the SEC to raise up to $85 million in an initial public offering.
The Metuchen, NJ-based company plans to raise $85 million by offering 8.5 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company commands a market value of $113 million.
Fortune Rise Acquisition is led by CEO and Director Lei Huang, the current CEO of US Tiger Securities, a subsidiary of UP Fintech Holding (TIGR), and President and Chairwoman Lei Xu, a Limited Partner at Seraph Group. Lei Huang is also currently the Co-CEO of TradeUP Global (TUGCU; +0% from offering price), which went public this past April, and TradeUP 88 (TUFUU), which filed concurrently with Fortune Rise Acquisition.
Fortune Rise Acquisition is not currently targeting a specific sector, but will focus on businesses with strong management teams, strong growth potential, and which will benefit from being a public company.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol FRLAU. Tiger Brokers, and Kingswood Capital Markets are the joint bookrunners on the deal.
