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Fortune Rise Acquisition (FRLA) announced the termination of its Business Combination Agreement with Water On Demand, Inc. and its subsequent liquidation. The mutual termination was executed on December 9, 2024. As FRLA did not make the required monthly extension deposit on December 5, 2024, the company will cease operations and proceed with liquidation.
The company will redeem 100% of its Offering Shares at approximately $11.94 per share, with the trust account balance at approximately $10.0 million as of December 11, 2024. FRLA will retain $50,000 for dissolution expenses. The company has 843,183 remaining public shares. All warrants will expire worthless, and FRLA ceased operations on December 6, 2024.
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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
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.