Fortune Rise Acquisition signed a letter of intent to merge with OriginClear subsidiary Water On Demand. The LOI is not binding and is intended solely to guide good-faith negotiations toward definitive agreements.
If an agreement is reached and the deal ultimately approved, the newly-combined company will trade on the Nasdaq under a new symbol.
The precise structure of the business combination, including the proportion of stock and/or cash consideration paid to the target's equity holders, is still being negotiated.
Water On Demand announced that it closed the acquisition of the equity interests of Fortune Rise Sponsor, which is the SPAC's sponsor.
Fortune Rise last summer called off a $294 million deal with crypto miner VCV Digital Technology. The SPAC raised $85 million in a November 2021 IPO. Read more.
Source: Fortune Rise Acquisition Inks LOI with Water On Demand