Fifth Wall III (NASDAQ:FWAC) announced today that it has closed its combination with parking asset owner Mobile Infrastructure, and the combined company’s stock began trading on the NYSE American under the symbol “BEEP” today.
Although redemptions reduced Fifth Wall III’s trust to about $4.5 million at close, the final proceeds in the deal included a $46 million PIPE aimed at deleveraging the business and an additional $40 million PIPE funded by No Street Capital.
The SPAC initially announced its business combination with Mobile Infrastructure in December 2022. The Cincinnati, Ohio-based company operates a portfolio of parking facilities in and around city centers in 22 markets.
Mobile Infrastructure is to continue operating under an Up-C structure similar to an UPREIT. This is designed to allow sellers to realize tax deferrals while the company will convert partnership units into common stock at a timing convenient to them.
In the first half of 2023, it generated $14.3 million in revenue representing year-on-year growth at a 3.6% rate and the company set its 2022 NAV at $14.76 per share.
ADVISORS
- Venable LLP and Keating Muething & Klekamp PLL are serving as legal counsel to Mobile Infrastructure Corporation.
- B. Riley is rendering a fairness opinion to the Company.
- Gibson, Dunn & Crutcher LLP is serving as legal counsel to Fifth Wall Acquisition Corp. III.
Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...
At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...
RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...
AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...
At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...