Brief: Vcv Digital Technology To Become Publicly Traded Via Business Combination With Fortune Rise Acquisition Corporation

Fortune Rise Acquisition

02/05/2022 21:49

May 2 (Reuters) - Fortune Rise Acquisition Corp  FRLA.O :
    * VCV DIGITAL TECHNOLOGY TO BECOME PUBLICLY TRADED VIA
BUSINESS
COMBINATION WITH FORTUNE RISE ACQUISITION CORPORATION
    * FORTUNE RISE ACQUISITION CORP - COMBINED CO TO HAVE
IMPLIED
INITIAL PRO FORMA EQUITY VALUE OF ABOUT $381.4 MILLION
    * FORTUNE RISE ACQUISITION CORP - COMBINED CO EXPECTED TO
OPERATE
UNDER NAME "VCV DIGITAL TECHNOLOGY, INC."
    * FORTUNE RISE ACQUISITION CORP - COMBINED CO EXPECTED TO
REMAIN
LISTED ON NASDAQ STOCK MARKET UNDER NEW TICKER SYMBOL "XVC"
    * FORTUNE RISE ACQUISITION CORP - ALL EXISTING VCV DIGITAL
TECHNOLOGY STOCKHOLDERS ARE ROLLING 100% OF THEIR EQUITY INTO
COMBINED COMPANY
    * FORTUNE RISE ACQUISITION -ADDITIONAL $100 MILLION IN
EQUITY
VALUE OFFERED IN FORM OF EARNOUT CONSIDERATION TO BE ISSUED,
PLACED INTO ESCROW AT CLOSING
    * FORTUNE RISE ACQUISITION CORP - PRE-CLOSING STOCKHOLDERS
OF
SIGMA AND GAMMA WILL ROLL 100% OF THEIR EQUITY INTO COMBINED
COMPANY
    * FORTUNE RISE ACQUISITION CORP - SIGMA AND GAMMA WILL OWN
APPROXIMATELY 72.7% OF COMBINED COMPANY
    * FORTUNE RISE ACQUISITION CORP - PRE-CLOSING STOCKHOLDERS
OF
FORTUNE RISE WILL OWN APPROXIMATELY 27.3% OF COMBINED COMPANY
    * FORTUNE RISE ACQUISITION CORP - ALL SIGMA AND GAMMA SHARES
OWNED
BY THEIR EXISTING EQUITY HOLDERS WILL BE CONVERTED INTO COMMON
STOCK OF FORTUNE RISE

Source text for Eikon:  ID:nPn1GY3HBa 
Further company coverage:  FRLA.O 

 ((Reuters.Briefs@thomsonreuters.com;))