OriginClear and Fortune Rise Acquisition today announced the filing of a registration statement and preliminary proxy/prospectus on the SPAC’s proposed business combination with OriginClear subsidiary Water On Demand. The target is an investor-funded service offering decentralized water management solutions and technologies to businesses and communities, potentially without the burden of upfront capital expenditures.
The business combination agreement was announced in October 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.
If approved, the combined company is expected to list on the Nasdaq under the new ticker symbol WODI. The transaction is expected to close in the second half of 2024.
Fortune Rise last year called off a $294 million deal with crypto miner VCV Digital Technology. The SPAC originally raised $85 million in a November 2021 IPO. Read more.
