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.
At the SPAC of Dawn Now that earnings season is in full swing, more de-SPACs are set to provide updates on how both trade and market volatility are impacting their margins. On the positive side, USA Rare Earth (NASDAQ:USAR) has continued to reap the benefits from its position as one of few US-based producers of...
This week, we sit down with Rick Hendrix and Adam Fishman from the Live Oak SPAC team. Rick Hendrix is the Founder of Live Oak Merchant Partners, and Chairman and CEO of Live Oak Acquisition Corp. V (NASDAQ:LOKV). In addition, he is an operating executive at Crestview Partners, a New York-based middle market focused private equity firm....
Berto Acquisition Corp. (NASDAQ:TACOU) announced the pricing of its upsized $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TACOU”, Wednesday, April 30, 2025. The new SPAC aims to conduct a broad search for a target but will have a particular interest in artificial intelligence, wellness, longevity,...
Lakeshore Acquisition III Corp. (NASDAQ:LCCCU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LCCCU”, Wednesday, April 30, 2025. The new SPAC aims to conduct a broad search for a target with a team that has previously closed business combinations in the...
Churchill Capital Corp X (NASDAQ:CCCXU) has filed for a $300 million SPAC with a broad search focus, to add to the portfolio of Churchill deals. Five Churchill deals have closed (I, II, III, IV, and AltC), while V, VI and VII liquidated in the SPAC downturn. However, keep in mind that the Churchill team still...