Fortune Rise Acquisition (Nasdaq: FRLA) and OriginClear (OTC Other: OCLN), subsidiary Water On Demand entered into a definitive business combination agreement at a pro forma equity valuation of approximately $72 million.
Estimated cash proceeds consist of the SPAC’s approximately $39.6 million in trust, assuming no further redemptions of public shares.
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. 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.
Water On Demand is a fintech enabling clean water to become an investable asset, open to main street investors, with the potential for generational royalties.
EF Hutton is acting as Capital Markets Advisor in the transaction. Read more.
