OriginClear’s Water On Demand Subsidiary Signs Letter of Intent to Merge With Fortune Rise Acquisition Corporation
Fortune Rise Acquisition Corporation (FRLA) has signed a non-binding Letter of Intent to acquire Water On Demand, Inc. (WODI), a subsidiary of OriginClear Inc. (OCLN). The agreement is focused on negotiating terms for acquiring WODI's equity, including shares and outstanding options. The acquisition aims to create a combined entity that will trade on Nasdaq under a new symbol. Both companies are committed to establishing definitive agreements to facilitate this acquisition, potentially transforming clean water into an investable asset for mainstream investors.
- Potential to transform clean water into an investable asset, opening opportunities for Main Street investors.
- The proposed acquisition of WODI positions FRLA to enhance market presence and access new revenue streams.
- Agreement may lead to synergies benefiting both companies post-acquisition.
- FRLA is a shell company with no operations currently generating revenue, relying heavily on the success of the acquisition.
- Acquisition is subject to NASDAQ listing requirements and negotiation outcomes, introducing uncertainty for investors.
Non-binding agreement sets basis for negotiations.
For the first time, Clean Water is becoming an investable asset, open to
The parties will work together in good faith with their respective advisors to agree on a structure for the business combination that is most expedient to the consummation of the acquisition. pursuant to the LOI, it is proposed that FLRA will acquire
Subject to meeting NASDAQ quantitative and qualitative listing requirements, upon the closing of the business combination, the newly-combined entity will trade publicly on Nasdaq under a new trading symbol.
The precise structure of the business combination, including the proportion of stock and/or cash consideration paid to the WODI equity holders, will be negotiated to meet the needs of all parties including management of WODI and key equity holders.
Recently, Water On Demand announced that it closed the acquisition of the equity interests of
FRLA is a blank check company incorporated in
FRLA is a "shell company" as defined under the Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. FRLA will not generate any operating revenues until after the completion of its initial business combination, at the earliest. To date, FRLA’s efforts have been limited to organizational activities and activities related to its initial public offering as well as the search for a prospective business combination target.
About
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to
For more information, visit the company’s website: https://www.originclear.com/
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No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Safe Harbor Statement
Matters discussed in this release contain forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," “plans” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein.
These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization, and if or when the Company will receive and/or fulfill its obligations under any purchaser orders. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230105006033/en/
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www.thepontesgroup.com
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ir@OriginClear.com
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FAQ
What is the purpose of the acquisition between FRLA and OCLN?
What are the terms of the Letter of Intent signed by FRLA and OCLN?
When will the combined entity of FRLA and WODI publicly trade?
What challenges does FRLA face as a shell company in this acquisition?
What impact does this acquisition have on OCLN's investors?
