FRLAU - VCV Digital Technology to go public via SPAC deal with Fortune Rise Acquisition

Fortune Rise Acquisition (FRLAU) said Monday it will acquire VCV Power Sigma and VCV Power Gamma, or VCV Digital Technology. The combined firm is expected to have a combined implied initial pro forma equity value of ~$381.4M, translating into an enterprise value of ~$294.1M. The proposed business combination is expected to provide ~$99.7M in gross proceeds from the cash held in trust by FRLA, assuming no redemptions of its shares. At closing, ~24.5M shares of Fortune Rise representing the initial merger consideration and 9.8M shares representing the earnout consideration will be issued to Sigma and Gamma stockholders at the redemption price of ~$10.20/share. All existing VCV Digital Technology stockholders are rolling 100% of their equity into the combined firm. On closing, the combined firm is expected to operate under the name "VCV Digital Technology" and remain listed on the Nasdaq under the ticker "XVC". The business combination is expected to close

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VCV Digital Technology to go public via SPAC deal with Fortune Rise Acquisition