Fortune Rise Acquisition, a blank check company formed by the CEO of US Tiger Securities, raised $85 million by offering 8.5 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.
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.
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 SPAC is prohibited from undertaking initial business combination with any entity that conducts a majority of its business or is headquartered in China, including Hong Kong and Macau.
The Metuchen, NJ-based SPAC plans to list on the Nasdaq under the symbol FRLAU. Tiger Brokers and EF Hutton acted as joint bookrunners on the deal.
