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OriginClear Inc. (OTC Pink: OCLN) has merged its Modular Water Systems division with its subsidiary, Water On Demand, Inc. (WOD). In exchange for Modular Water's assets, WOD issued 6 million shares of its common stock. The assets include a global master license for five patents valued between $26.6 million and $53.2 million. The projected total available market for WOD is expected to exceed $8 billion by 2026. The merger aims to create a synergy that positions WOD to lead in the water managed services sector.
Additionally, WOD has entered a non-binding Letter of Intent with Fortune Rise Acquisition Corporation (FRLA) for a potential acquisition, which could result in a new publicly traded entity on Nasdaq.
OriginClear Inc. (OTC Pink: OCLN) announced the transfer of its Modular Water Systems division to its subsidiary Water On Demand, Inc. (WOD) in exchange for 6 million shares of common stock. This acquisition includes a global master license to five patents and the right to file for new patents since 2018, with a valuation between $26.6 million and $53.2 million. The total available market is projected to exceed $8 billion by 2026. CEO Riggs Eckelberry views this as beneficial for shareholders as WOD executes its business plan. Additionally, WOD has an LOI with Fortune Rise Acquisition Corporation (NASDAQ: FRLA) for a potential merger. This aligns with a growing trend in water treatment and recycling among local businesses, positioning WOD favorably in the market.
Fortune Rise recently proposed to acquire Water On Demand, Inc. through a non-binding LOI.
OriginClear's subsidiary, Water On Demand, made a $977,500 deposit to extend the period for consummating its initial business combination until May 5, 2023. The LOI is intended to guide negotiations and is contingent on specific terms being met. As a blank check company, Fortune Rise has no operations and will not generate revenues until after completing a business combination. The recent acquisition of Fortune Rise Sponsor, LLC has positioned Water On Demand within the clean water sector, aligning with market trends and local community initiatives.
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.
OriginClear Inc. (OTC Pink: OCLN) has acquired Fortune Rise Sponsor, LLC, the sponsor of Fortune Rise Acquisition Corp. (NASDAQ: FRLA), through its subsidiary, Water On Demand, Inc. The transaction, valued at $403,516.61, grants Water On Demand 2,343,750 shares of Class B Common Stock in the SPAC. This acquisition positions Water On Demand to leverage Fortune Rise's capabilities for potential strategic industry alignments. The SPAC focuses on business combinations in sectors aligned with its management’s expertise, enhancing growth prospects for OriginClear.
VCV Digital Technology and Fortune Rise Acquisition Corporation have announced a definitive merger agreement, aimed at merging the companies to form a publicly traded entity. The combined firm will have an implied initial pro forma equity value of approximately $381.4 million, with an enterprise value of about $294.1 million. The transaction is expected to yield around $99.7 million in gross proceeds, assuming no redemptions by public stockholders. The merger is anticipated to close in Q3 2022, and all existing VCV Digital stakeholders will roll their equity into the new organization.