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 into trust for a one-month extension to March 5. This is the fourth of 12 monthly extensions permitted under the company's governing documents, following shareholder approval in October. The amount of the deposit equates to 3.2 cents a share.
The business combination agreement 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.
Fortune Rise last year called off a $294 million deal with crypto miner VCV Digital Technology. The SPAC originally raised $85 million in a November 2021 IPO. Read more.