In Amended Letter Of Intent, OriginClear’s Water On Demand and Fortune Rise Acquisition Corporation Nominate A New Target For Merger
Summary
Under the revised/amended LOI, FRLA proposes to acquire all the outstanding securities of PWT, based on certain material financial and business terms and conditions being met. The parties will work together in good faith with their respective advisors to agree on a structure for the business combination that is most expedient to the consummation of the acquisition. FRLA is a "shell company" as defined under the Securities Exchange Act of 1934, as amended, because it has no operations and nominal assets consisting almost entirely of cash. Later in 2023, OriginClear contributed Progressive Water Treatment, a 25-year veteran engineered solutions subsidiary based in McKinney, Texas, adding the ability to execute on larger and more prestigious installations. Further information on FRLA’s and OriginClear’s risk factors is contained in each company’s respective quarterly and annual reports filed with the Securities and Exchange Commission.