Exhibit 10.7


  


SECURITIES TRANSFER AGREEMENT


 


This Securities Transfer Agreement
is dated as of November 2, 2021 (this “Agreement”), by and among Fortune Rise Sponsor LLC, a Delaware limited liability
company (the “Seller”), and the parties identified on the signature page hereto (each a “Buyer”
and collectively, the “Buyers”).


 


WHEREAS, the Seller is a sponsor
of Fortune Rise Acquisition Corporation, a Delaware corporation (the “Company”), a newly-organized blank check company,
or special purpose acquisition company, formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase,
recapitalization, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”);


 


WHEREAS, the Company is contemplating
its initial public offering of 8,500,000 units, each consisting one share of Class A common stock, $0.0001 par value, and one-half and
one warrant (the “IPO”);


 


WHEREAS, the Company has granted
the underwriters in the IPO an option (the “Over-allotment Option”) to purchase up to additional 1,275,000 units within
45 days of the closing of the IPO;


 


WHEREAS, in connection with
the IPO, the Seller acquired 2,443,750 shares of Class B common stock of the Company, $0.0001 par value (“Class B Shares”),
among which, up to 318,750 shares are subject to forfeiture if the Over-allotment Option is not exercised (each, a “Founder Share”,
collectively, the “Founder Shares”) at the aggregate purchase price of $25,000, or approximately $0.0102 per share
(the “Purchase Price”);


 


WHEREAS, each of the Buyers
is an officer or director/director nominee or a personnel (and/or its designee) of the Company;


 


WHEREAS, on the terms and
subject to the conditions set forth in this Agreement, the Seller wishes to transfer to the Buyers and the Buyers wish to acquire from
the Seller, the aggregated amount of 389,500 Founder Shares at the Purchase Price immediately prior to or upon the effectiveness of the
registration statement in Form S-1 (File No. 333-256511, the “Registration Statement”) in connection with the IPO;
and


 


WHEREAS, on the terms and
subject to the conditions set forth in this Agreement, the Seller wishes to transfer to the Buyers and the Buyers wish to acquire from
the Seller, up to the aggregated amount of 54,250 Founder Shares at the Purchase Price in conjunction with the exercise of the Over-allotment
Option at the Purchase Price.


 


NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:


 


Section 1.           Transfer
of Shares. Seller hereby agrees to transfer the aggregated amount of 389,500 Founder Shares to the Buyers immediately prior to or
upon the effectiveness of Registration Statement (the “Transfer”) , or additional up to 54,250 Founder Shares if over-allotment
is exercised in part or in full (collectively, the “Additional Transfer(s)”) as listed on the Schedule I attached
hereto; and the Buyers agree to pay the Seller an aggregate amount of $43,984.658 at the Transfer or additional up to $554.990 at the
Additional Transfer(s), in consideration of the transfer of the Shares.


 


Section 2.           Potential
Forfeiture of Shares.


 


(a) In the event that
the Company determines for any reason not to nominate, elect or appoint any Buyer as a member of the board of directors of the Company,
or if any Buyer otherwise does not become a member of the board of directors of the Company for any reason, on or prior to the closing
of the Public Offering (as defined below), or if the Public Offering is not consummated on or prior to December 31, 2021, such Buyer
shall automatically forfeit all of the Shares held by such Buyer, which Shares shall automatically be assigned and returned to the Seller,
and the Seller shall promptly return the applicable portion of the Purchase Price to such Buyer. 


 






     


     


    

 


(b)            In
the event that, following the closing of the Public Offering and prior to the consummation of a Business Combination, any Buyer resigns
or otherwise ceases to serve as a member of the board of the directors for any reason, Seller (or its designee(s)) shall have the right,
but not the obligation, to purchase from the Buyer fifty percent (50%) of the Shares purchased by such Buyer hereunder, for a purchase
price equal to the per-share purchase price paid by such Buyer for such Shares hereunder. Such right shall be exercisable by Seller at
any time prior to the consummation of a Business Combination by providing written notice of such exercise to the applicable Buyer.


  


(c)            The
applicable Buyer shall take all actions as may be reasonably necessary to consummate any forfeiture or sale contemplated by this Section 2,
including entering into agreements and delivering certificates and instruments and consents as may be deemed by Seller to be necessary
or appropriate, and the applicable Buyer hereby grants to Seller and any representative designated by Seller without further action by
such Buyer a limited irrevocable power of attorney to effect any forfeiture or transfer contemplated hereby on behalf of such Buyer, which
power of attorney shall be deemed to be coupled with an interest.


 


Section 3.           No
Conflicts. Each party represents and warrants that neither the execution and delivery of this Agreement by such party, nor the consummation
or performance by such party of any of the transactions contemplated hereby, will with or without notice or lapse of time, constitute,
create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation
required under any agreement to which it is a party.


 


Section 4.           Investment
Representations. Each Buyer represents and warrants, with respect to himself or herself only, as set forth herein. Such Buyer hereby
acknowledges that an investment in the Shares involves certain significant risks. Such Buyer has no need for liquidity in its investment
in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer acknowledges
and hereby agrees that the Shares will not be transferable under any circumstances unless registered by the Company in accordance with
federal and state securities laws or sold in compliance with an exemption under such laws and such transfer complies with all applicable
lock-up restrictions on such Buyer (as described in the Company’s draft registration statement on Form S-1, as may be amended
(the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”), relating
to a contemplated underwritten public offering by the Company (the “Public Offering”)). Such Buyer further understands
and agrees that Buyer will be required to execute and deliver (a) a letter agreement including, among other provisions, the foregoing
transfer restrictions, and (b) a stock escrow agreement with respect to such shares, in each case as described in the Registration
Statement, and that any certificates evidencing the Shares bear a legend referring to such transfer restrictions.


 


The Shares are being acquired
solely for such Buyer’s own account, for investment purposes only, and are not being purchased with a view to or for the resale,
distribution, subdivision or fractionalization thereof; and such Buyer has no present plans to enter into any contract, undertaking, agreement
or arrangement for such resale, distribution, subdivision or fractionalization. Such Buyer has been given the opportunity to (i) ask
questions of and receive answers from the Seller and the Company concerning the terms and conditions of the Shares, and the business and
financial condition of the Company and (ii) obtain any additional information that the Seller possesses or can acquire without unreasonable
effort or expense that is necessary to assist such Buyer in evaluating the advisability of the purchase of the Shares and an investment
in the Company. Such Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial
condition or prospects. Such Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and
Exchange Commission under the Act. In the event such Buyer does not join the Board of Directors of the Company upon the consummation of
the Public Offering (whether and either at the election of the Company or such Buyer for any reason), then the Buyer shall promptly return
the Shares to the Company.


 


Section 5.           Miscellaneous.
This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party.


 


[Signature Page Follows]


 






     


     


    

 


IN WITNESS WHEREOF, the undersigned have executed
this Agreement to be effective as of the date first set forth above.


 


	 	
    FORTUNE RISE SPONSOR LLC

     

	 	By:	 /s/ Koon Keung Chan
	 	Name: Koon Keung Chan
	 	Title:   Managing Member
	 	 
	 	BUYERS:
	 	 
	 	 /s/ Lei Huang
	 	Lei Huang
		
     

    

	 	 /s/ Xu Lei
	 	Xu Lei
	 	
     

    

	 	 /s/ Yuanmei Ma
	 	Yuanmei Ma
	 	
     

    

	 	 /s/ David Xianglin Li
	 	David Xianglin Li
	 	 
	 	
    

    /s/ Michael Davidov

	 	Michael Davidov
	 	
     

    

	 	 /s/ Norman C. Kristoff
	 	Norman C. Kristoff
	 	
     

    

	 	 /s/ Christy Szeto
	 	Christy Szeto


 


[Signature Page to Securities Transfer
Agreement]


 






     


     


    

 


Schedule I


 


	Name of Transferee	Pre-Shoe 	Post-Shoe(1)
	Number of Assigned 

Shares	Purchase Price	Additional 

Shares	Additional 

Purchase Price
	Lei Huang(2)	104,000	$1,063.939	18,000	$184.144
	Yuanmei Ma 	104,000	$1,063.939	18,000	$184.144
	Lei Xu 	120,000	$1,227.622	18,000	$184.144
	David Xianglin Li	20,000	$204.604	-	-
	Michael Davidov	20,000	$204.604	-	-
	Norman C. Kristoff	20,000	$204.604	-	-
	Christy Szeto	1,500	$15.346	250	$2.558
	 	Total: 389,500	Total: $3,984.658	Total:54,250	$554.990


 


(1) The number of additional shares to be acquired
by Mr. Lei Huang, Yuanmei Ma, Lei Xu, and Chrity Szeto shall be pro rata to the extent that the Over-allotment Option is not fully exercised.


 


(2) At Mr. Huang’s request, the Seller has
agreed to transfer 104,000 (or up to 122,000) shares directly to US Tiger Securities, Inc. as the designee of Lei Huang.