Fortune Rise Acquisition Corporation (NasdaqGM:FRLA) entered into Letter of Intent to acquire Water On Demand, Inc. from OriginClear, Inc. (OTCPK:OCLN) on January 5, 2023. Pursuant to the LOI, if a business combination were to be consummated and approved, all of the outstanding equity securities of WODI, including all shares of common stock, preferred stock, outstanding options and warrants will convert into new equity of the merged entity. A business combination will be subject to due diligence of WODI as well as negotiating a definitive agreement.

The transaction has extend the date of the business combination from February 5, 2023 to May 5, 2023. On May 5, 2023, Fortune Rise Acquisition extended the period of time it has to consummate its initial business combination by one month from May 5, 2023 to June 5, 2023. As of Fortune Rise Acquisition Corporation paid $0.1 million 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.

The pending approval is subject to a stockholder vote which has not been obtained. As of August 7, 2023, Fortune Rise Acquisition extends the date by which the Company has to complete its initial business combination for an additional one-month extension from August 5, 2023 to September 5, 2023. As of September 6, 2023, Fortune Rise Acquisition extends the date by which the Company has to complete its initial business combination for an additional one-month extension from September 5, 2023 to October 5, 2023.

Fortune Rise retained Nelson Mullins Riley & Scarborough LLP as its legal advisor.