Fortune Rise Acquisition Corp. (NASDAQ: FRLA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with water fintech startup, Water On Demand (WODI).
Today’s LOI comes just a week after Fortune Rise announced that its sponsor had entered into and closed a membership interest purchase and transfer agreement with the water fintech company pursuant to which WODI purchased 100% of the membership interest of the sponsor. The sponsor holds 2,343,750 shares out of 2,443,750 shares of the issued and outstanding shares of Class B Common Stock of Fortune Rise. The purchase price for the membership interests was $403,516.61.
Water On Demand, a subsidiary of OriginClear (OTC Pink: OCLN), enables clean water to become an investable asset, open to main street investors, with the potential for generational royalties.
Under the LOI, FRLA proposed to acquire all of the outstanding securities of WODI, based on certain material financial and business terms and conditions being met. Additionally, FRLA will acquire 100% of the outstanding equity securities of WODI and in return, WODI equity holders are to receive shares of common stock of FRLA and any outstanding options and warrants will be assumed by FRLA in accordance with their terms.
Fortune Rise kept details on the transaction to a minimum, but disclosed that the parties intend to work together in good faith with their respective advisors to agree on a structure for the business combination that is most expedient to the completion of the acquisition.
Fortune Rise priced its $85 million IPO in November 2021, and originally inked a $294 million deal with crypto mining business VCV Digital Technology in May 2022. However, the business combination was terminated just two months after the announcement.
Since FRLA’s deal is not at the “definitive agreement” stage, and is still just a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...