Fifth Wall III (FWAC) Shareholders Approve Mobile Infrastructure Deal
by Marlena Haddad on 2023-08-10 at 5:52pm

Fifth Wall Acquisition Corp. III (NASDAQ:FWAC) announced in an 8-K this afternoon that its shareholders approved its combination with parking asset owner Mobile Infrastructure at a special meeting today.

The deal was overwhelmingly approved as holders of 8,132,369 shares voted in favor of the transaction, while holders of just 55,221 shares voted against it.

The SPAC originally planned to bring about $275 million into the deal through its current trust, but saw 98.40% of this removed during an extension meeting in May, leaving it with approximately $4.5 million post-vote.

In mid-June, FWAC amended its sponsor agreement and subscription agreement whereby the sponsor agreed to certain restrictions with respect to its founder shares. Additionally, the SPAC and certain investors entered into a new PIPE pursuant to which the investors agreed to subscribe for and purchase 46,000 shares of Series 2 Preferred Stock for $1,000.00 per share in a private placement for an aggregate purchase price of $46 million.

It originally supplemented the deal with a $10 million PIPE from existing Mobile Infrastructure investor No Street Capital. This PIPE is described as priced at $10, but this is $10 per 1.2 shares for 1,200,000 shares in total – in other words, about $8.33 per share.

Fifth Wall III previously noted that it expects the deal to close on August 14, and anticipates that the combined company’s shares of common stock will be listed on the NYSE on August 15, under the ticker “BEEP”.

The SPAC announced its $550 million 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.

All other proposals on the ballot, such as the governance, share plan and directors proposals, were also approved.

Fifth Wall III (FWAC) Shareholders Approve Mobile Infrastructure Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-17 at 12:54pm

Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...

by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved