zimmytws
SPAC Fortune Rise Acquisition Corp. (NASDAQ:FRLA) has signed a non-binding letter of intent to merge with water fintech Water On Demand, a subsidiary of OriginClear (OTCPK:OCLN).
In late December, Water On Demand announced it had closed on an acquisition of equity interests in the SPAC’s backer, Fortune Rise Sponsor.
The SPAC went public in November 2021, raising $85M.
FRLA had been slated to merge with digital assets company VCV Digital Technologies through a deal that estimated the enterprise value of the combined company at $294M. The companies mutually terminated the deal in July.
