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.


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