Fortune Rise Acquisition Corporation (NASDAQ:FRLA), a special industry machinery company, has been granted an extension until October 14, 2024, to meet Nasdaq's continued listing requirements. The decision, issued by an independent Hearings Panel on June 11, 2024, comes after the company's non-compliance with the Nasdaq Capital Market's Public Holders Rule, which mandates at least 300 public holders for continued listing.
The company initially received a notice on April 16, 2024, regarding the Public Holders Rule and subsequently a second notice on April 24, 2024, for non-payment of certain Nasdaq fees. However, before the hearing held on May 30, 2024, 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 plan to comply with Nasdaq listing rules post-transaction. The merger is expected to address the public holder shortfall.
The forward-looking statements included in the company's SEC filing indicate management's expectations and are subject to known and unknown risks, uncertainties, and other factors that could impact the company's ability to regain compliance with the Nasdaq listing requirements.
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