Fortune Rise Acquisition Corporation (FRLA)
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Fortune Rise Acquisition Corporation Announces Termination of Business Combination Agreement with Water On Demand, Inc. and Subsequent Liquidation
CLEARWATER, FL / ACCESSWIRE / December 16, 2024 / Fortune Rise Acquisition Corporation, a Delaware corporation (the "Company" or "FRLA") (OTC PINK:FRLA)(OTC PINK:FRLAU)(OTC PINK:FRLAW), announced that it did not complete its initial business combination and has mutually terminated its Business Combination Agreement with Water On Demand, Inc. (f/k/a Progressive Water Treatment Inc.), a Texas corporation ("WODI-PWT"). Therefore, the Company will dissolve and liquidate.
Fortune Rise Acquisition Corporation Receives November Monthly Extension from Sponsor Affiliate to Complete its Initial Business Combination
CLEARWATER, FL / ACCESSWIRE / November 7, 2024 / Fortune Rise Acquisition Corporation (NASDAQ:FRLA) ("FRLA" or the "Company") today announced that Water On Demand Inc., a privately-held subsidiary of OriginClear, Inc. (OTC: Other:OCLN) ("OCLN") and owner of its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), has deposited the required $50,590.98 (representing an additional $0.06 per public share) into the Company's trust account for the benefit of its valued public stockholders which provides a one-month extension to complete the Company's initial business combination. This additional contribution extends the date by which the Company has to complete its initial business combination for an additional one-month extension from November 5, 2024 to December 5, 2024.
Announcement Regarding the Progress of Fortune Rise Acquisition Corporation's Proposed Business Combination with Water On Demand, Inc.
CLEARWATER, FL / ACCESSWIRE / November 6, 2024 / Fortune Rise Acquisition Corporation (NASDAQ:FRLA) ("FRLA" or the "Company") is working closely with Water On Demand Inc. ("WODI"), a privately-held subsidiary of OriginClear, Inc. (OTC PINK:OCLN) ("OCLN") and owner of its sponsor, Fortune Rise Sponsor LLC (the "Sponsor"), to complete the previously announced merger which is intended to result in WODI becoming a publicly listed company on Nasdaq pursuant to the Business Combination Agreement, dated October 23, 2023, among FRLA and WODI (as amended from time to time, the "Business Combination Agreement"). In a meeting held on November 4, 2024, FRLA stockholders approved a proposal to amend its amended and restated certificate of incorporation to extend the date by which FRLA must consummate a de-SPAC transaction from November 5, 2024 to up to May 5, 2025.
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Fortune Rise Acquisition Corporation Profile
| Trading Companies & Distributors Industry | Industrials Sector | Ryan Spick CEO | OTC PINK Exchange | 34969G102 CUSIP |
| US Country | 1 Employees | - Last Dividend | - Last Split | - IPO Date |
Overview
Fortune Rise Acquisition Corporation operates as a special purpose acquisition company (SPAC), carving out a niche for itself in the financial market by facilitating the transition of private firms into the public eye. This corporate strategy allows Fortune Rise to support private companies in bypassing traditional, often cumbersome, initial public offering (IPO) routes. By engaging in mergers, share exchanges, asset acquisitions, or similar business combinations, Fortune Rise seeks to streamline the path for private enterprises to access public capital markets efficiently. The corporation's main focus is on sectors that showcase significant growth potential and compelling value propositions, strategically positioning itself to engage with potential acquisition targets. With the proliferation of SPACs as a popular alternative for companies looking to go public, Fortune Rise utilizes the expertise of its seasoned management team to identify, negotiate, and finalize deals that promise mutual benefits for the entities involved and their stakeholders.
Products and Services
Fortune Rise Acquisition Corporation offers services centered around the SPAC framework to facilitate the public market entry for private companies. Here’s a detailed look at their primary offerings:
- Mergers and Acquisitions (M&A) Consulting: Fortune Rise provides comprehensive guidance and advisory services during the M&A process, helping companies navigate the complex landscape of merging with or acquiring another enterprise. This includes due diligence, negotiation, and execution of transactions.
- Share Exchange Facilitation: The company orchestrates share exchange programs that allow a private company to become publicly traded by exchanging shares with Fortune Rise. This process simplifies the transition into public markets, providing an alternative to the traditional IPO route.
- Asset Acquisitions: Fortune Rise engages in asset acquisition deals as part of its strategy to facilitate the growth of its portfolio companies. By acquiring critical assets, they can provide companies under their umbrella with the necessary tools and resources to thrive in a competitive marketplace.
- Strategic Business Combinations: Beyond simple acquisitions or mergers, Fortune Rise specializes in crafting and executing strategic business combinations. These arrangements are designed to maximize value for both the acquired entity and Fortune Rise’s stakeholders, ensuring a seamless integration process and optimal growth trajectory.
