Fortune Rise Acquisition and its merger partner — OriginClear subsidiary, Water On Demand (WODI) — currently the sponsor of the SPAC, have agreed to nominate a new acquisition target.
The new target is Progressive Water Treatment, a Texas corporation that recently merged with Water on Demand.
Accordingly, the Letter of Intent (“LOI”) executed Jan. 5 with WODI has been amended to designate Progressive Water Treatment as the new target of the acquisition. Under the revised/amended LOI, the SPAC proposes to acquire all the outstanding securities of Progressive Water, based on certain material financial and business terms and conditions being met. The LOI is not binding on the parties and is intended solely to guide good-faith negotiations toward definitive agreements.
Should all of this appear vaguely convoluted, Water on Demand owns the SPAC’s sponsor.
Fortune Rise in April said redemptions ahead of a successful extension vote removed $47.5 million from trust, leaving about $56 million. The SPAC now has until Nov. 6 to complete a deal.
Fortune Rise last year called off a $294 million deal with crypto miner VCV Digital Technology. The SPAC raised $85 million in a November 2021 IPO. Read more.
