Common use of Placement Shares Clause in Contracts

Placement Shares. Simultaneously with the Closing, Fortune Rise Sponsor LLC, the sponsor of the Company (the “Sponsor”) and each of the Representatives shall purchase from the Company pursuant to the Private Placement Share Purchase Agreement (as defined in Section 2.23.2 hereof) an aggregate of 494,500 shares of Common Stock (the “Placement Shares”), among which, 454,500 Placement Shares will be purchased by the Sponsor and 20,000 Placement Shares will be purchased by each of the Representatives, at a purchase price of $10.00 per Placement Share in a private placement (the “Private Placement”). There will be no placement agent in the Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Placement Shares.