Fortune Rise Acquisition announced that merger partner Water On Demand, which also owns the SPAC’s sponsor, deposited $100,000 (3.2 cents a share) into the trust for a one-month extension to May 5.
This is the sixth of 12 one-month extensions.
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 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.
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. Read more.
