OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation HubTM, announces that its subsidiary, Water On Demand, Inc. (“Water On Demand” or “Company”) , has completed the acquisition of Fortune Rise Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), which is the sponsor of Fortune Rise Acquisition Corp. (NASDAQ: FRLA) (the “SPAC”).
The Company acquired the Sponsor’s membership interests and is now the beneficial owner of 2,343,750 shares of Class B Common Stock of the SPAC, each of which is exercisable into one share of Class A Common Stock of the SPAC under a Membership Interest Purchase and Transfer Agreement and a Securities Transfer Agreement with the members of the Sponsor. The membership interests cost $403,516.61 to obtain.
The SPAC is a blank check firm that was founded in February 2021 as a Delaware corporation to conduct a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
While the SPAC may pursue an acquisition opportunity in any business, industry, sector, or geographical location, it is focusing on industries that complement the background of its management team, and it intends to capitalize on its management team’s ability to identify and acquire a business where its management team has extensive experience.
The Company also assumed the obligation to make any necessary extension payments in connection with the SPAC’s S-1 Registration Statement’s extension of the period of time in which the SPAC may consummate its initial business combination, including the three-month extension from November 5, 2022 to February 5, 2023 referenced in the press release dated November 1, 2022.
Because it has no operations and nominal assets that are almost entirely cash, the SPAC is a “shell company” as defined by the Exchange Act of 1934, as modified. The SPAC will not earn any operating revenues until, at the very least, the completion of its maiden business combination. To yet, the SPAC’s efforts have been confined to organizational and IPO-related operations, as well as the hunt for a suitable business combination target.
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to Main Street investors, with the potential for generational royalties.