In Amended Letter Of Intent, OriginClear's Water On Demand And Fortune Rise Acquisition Corporation Nominate A New Target For Merger
Portfolio Pulse from Benzinga Newsdesk
Fortune Rise Acquisition Corporation (FRLA) and OriginClear subsidiary, Water On Demand Inc. (WODI), have agreed to nominate Progressive Water Treatment Inc. (PWT) as a new target for acquisition by FRLA. PWT recently merged with WODI. The Letter of Intent executed with WODI has been amended to designate PWT as the new target of the acquisition. FRLA proposes to acquire all the outstanding securities of PWT, subject to certain conditions. The newly-combined entity anticipates trading publicly on Nasdaq under a new trading symbol.
September 28, 2023 | 12:33 pm
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POSITIVE IMPACT
FRLA plans to acquire PWT, which recently merged with WODI. This could potentially increase FRLA's value due to PWT's lengthy operating history and increased revenue since 2021.
The acquisition of PWT, a company with a lengthy operating history and increased revenue, could potentially increase FRLA's value. The new entity also plans to trade on Nasdaq, which could attract more investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
OriginClear's subsidiary, WODI, is involved in the planned acquisition of PWT by FRLA. This could potentially impact OriginClear's value.
As WODI is a subsidiary of OriginClear, the planned acquisition of PWT by FRLA could potentially impact OriginClear's value. However, the exact impact is uncertain at this stage.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70