Fifth Wall Acquisition III in an 8-K said it added a new PIPE subscription for $46 million in support of its $550 million deal with Cincinnati-based Mobile Infrastructure, one of the largest mobility-focused parking asset owners in the U.S. The transaction is further supported by the SPAC’s $275 million cash in trust.
The SPAC also amended its sponsor agreement under which the sponsor has agreed to certain restrictions on its founder shares: 1 million shares will vest at such time as the aggregate volume-weighted average price for any five-consecutive trading day period after the closing of the merger equals or exceeds $13 per share. Those founder shares will be cancelled if they have not vested before Dec. 31, 2026.
Another 1 million shares will vest when the volume-weighted average price per share for any five-consecutive trading day period after the closing of the merger equals or exceeds $16 per share (with those shares cancelled if they have not vested prior to Dec. 31, 2028).
The sponsor also agreed to give Fifth Wall III 4,775,000 founder shares for cancellation. Read more.
