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Fortune Rise Acquisition Corporation - $FRLA STOCK NEWS

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Fortune Rise Acquisition Corporation (NASDAQ:FRLA) announced that Water On Demand Inc., a subsidiary of OriginClear, Inc. (OTC PINK:OCLN), has deposited $100,000 into the Company's trust account, extending the deadline for its initial business combination by one month.
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Fortune Rise Acquisition Corporation and OriginClear Inc. have entered into a definitive business combination agreement. The transaction represents a pro forma equity valuation of approximately $72 million of the Combined Company. The proceeds will be used to develop the Water On Demand water-as-a-service network, grow the Modular Water and Progressive Water business units, and carry out an aggressive acquisition program.
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Fortune Rise Acquisition Corporation (FRLA) receives $100,000 deposit from Water On Demand Inc. for one-month extension to complete initial business combination.
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Fortune Rise Acquisition Corporation and OriginClear Inc. have agreed to nominate Progressive Water Treatment Inc. as the new target for acquisition. Progressive Water Treatment has shown increased revenue since 2021, creating compelling value for the intended merger. The parties will work towards definitive agreements, with FRLA proposing to acquire 100% of PWT's outstanding equity securities. The newly-combined entity anticipates trading publicly on Nasdaq under a new trading symbol.
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OriginClear Inc. consolidates subsidiaries to create better enterprise value for potential merger with Fortune Rise Acquisition Corporation. Combined revenues for 2022 were $10,376,573, a 250% increase from 2021. Gross profits also saw a similar increase. OriginClear retains a commanding percentage of the new combined company.
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Fortune Rise Acquisition Corporation receives $100,000 deposit for one-month extension
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Fortune Rise Acquisition Corporation (NASDAQ:FRLA) has hired Richard A. Brand as Principal Executive Officer and Chief Financial Officer and has retained Nelson Mullins Riley & Scarborough LLP for its proposed business combination with Water on Demand, Inc. (WOD), a subsidiary of OriginClear, Inc. (OTC: OCLN). Brand brings extensive experience in managing securities offerings, and Nelson Mullins is a top legal advisor to SPACs.
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Fortune Rise Acquisition Corporation

Nasdaq:FRLA

FRLA Rankings

FRLA Stock Data

70.18M
2.77M
89.68%
0.01%
Shell Companies
Financial Services
United States of America
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