Fifth Wall Acquisition III in an 8-K announced that its shareholders voted yesterday in favor of merging with Mobile Infrastructure, one of the largest mobility-focused parking asset owners in the U.S.
Although the SPAC lost more than 98% of its trust to redemptions on an extension vote in May, Fifth Wall also brought a $46 million PIPE to the deal.
In June, the SPAC amended its sponsor agreement under which the sponsor 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.
Cincinnati-based Mobile Infrastructure owns a portfolio of parking facilities throughout 22 markets. Read more.
