Fortune Rise Acquisition announced that merger partner Water On Demand, a privately-held subsidiary of OriginClear and owner of the SPAC’s sponsor, deposited $100,000 (3.2 cents per share) into trust. This contribution extends the date by which the company has to complete its initial business combination with Water on Demand from May 5 to June 5. This is the seventh of 12 monthly extensions available.
The business combination 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.
