NEW YORK: Fifth Wall Acquisition Corp. III entered proper into a definitive enterprise combination settlement with Mobile Infrastructure Corp. (MIC), one of many largest institutional-quality, mobility-focused parking asset owners within the U.S.
The enterprise mixture values the mixed firm at a post-money fairness valuation of roughly $550 million assuming no public shareholders of Fifth Wall Acquisition Corp train their redemption rights.
The mixed firm is anticipated to have as much as roughly $276 million in money at closing, together with $275 million of money held in FWAC from its preliminary public providing on May 27, 2021 (assuming no redemptions by FWAC’s public shareholders and previous to the payment of transaction expenses).
The transaction is additional supported by a $10 million PIPE funding from No Street Capital, an existing MIC shareholder.
Upon the closing of this transaction, the mixed firm expects to be publicly traded on the New York Stock Exchange under the ticker “BEEP.”
Founded in 2015, Mobile Infrastructure Corp. has established an industry-leading reputation buying under-managed parking facilities within the nation’s top 50 metropolitan statistical areas (MSAs) and implementing a number of asset administration initiatives to unlock embedded upside.
Mobile Infrastructure Corp. is led by an skilled administration team with long-standing parking industry relationships. MIC’s strategically diversified portfolio currently includes forty four parking facilities in 22 markets.
Manuel Chavez, Chief Executive Officer and Chairman of MIC, said, “Today marks an important step in our path towards making a next-generation publicly-listed parking platform. Fifth Wall’s huge experience bridging the hole between analog companies and technologies, mixed with their community of restricted companions who represent the world’s top actual property owners and operators, make them an integral partner in our subsequent growth phase.”
Jeff Osher, Managing Partner of No Street Capital, and MIC Director, commented, “As the largest shareholder of MIC, I’m thrilled that we not solely discovered the proper partner in FWAC, however additionally an aligned incentive construction that’s conducive to the creation of significant shareholder worth over time. Our enthusiasm about MIC’s mixture with FWAC is mirrored in No Street’s dedication to make investments an additional $10 million in a PIPE transaction.”
Brad Greiwe, Co-Founder and Managing Partner at Fifth Wall, shared, “Fifth Wall has lengthy evaluated the panorama of parking owner-operators and the applied sciences relevant to these businesses. It was evident that Mobile Infrastructure has the proper portfolio, administration team, operator relationships and track record to redefine and usher the industry into the future.”