Fortune Rise Acquisition in an 8-K said it arranged for the deposit of $100,000 into trust to extend its operating runway to April 5. This marks the fifth of 12 avaailable monthly extensions.
The SPAC issued a promissory note in the amount of the deposit to merger partner Water on Demand, which controls the sponsor.
A subsidiary of OriginClear, Water on Demand 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.
The parties filed an S-4 on the deal last month.
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.
