Welcome to our dedicated page for Fifth Wall Acquisition III news (Ticker: FWAC), a resource for investors and traders seeking the latest updates and insights on Fifth Wall Acquisition III stock.
Fifth Wall Acquisition Corp. III (NASDAQ: FWAC) is a special purpose acquisition company (SPAC) sponsored by an affiliate of Fifth Wall, the largest asset manager focused on improving, future-proofing, and decarbonizing the built world. FWAC was established with the objective of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
In August 2023, FWAC announced the successful completion of its merger with Mobile Infrastructure Corporation (MIC), one of the largest institutional-quality, mobility-focused parking asset owners in the United States. Post-merger, the combined company operates under the name Mobile Infrastructure Corporation and trades on the New York Stock Exchange (NYSE) under the ticker symbol BEEP. The merger brought an additional $46 million in capital through a PIPE investment, aimed at deleveraging certain debt facilities and supporting general corporate purposes.
Fifth Wall, the sponsor behind FWAC, boasts an impressive portfolio of over 145 companies and around 300 global investors. The firm's focus spans across PropTech and Climate Tech, industries critical to the decarbonization of the real estate sector. Fifth Wall has been pivotal in driving the growth of these sectors and has invested in numerous high-value companies globally.
FWAC's merger with MIC represents a strategic move to enhance mobility infrastructure in the U.S., providing a robust platform for future growth and development. The transaction has also strengthened the company’s financial position and provided additional resources to pursue new opportunities.
For more details on FWAC, its operations, and recent developments, visit their official website or check the latest filings with the Securities and Exchange Commission.
Mobile Infrastructure (NYSE American: BEEP) has reported its Q1 2024 financial results, highlighting a 24.3% revenue increase to $8.8 million from the prior year's $7.1 million. The shift to management contracts contributed to a net operating income (NOI) boost of 11.9%, reaching $5.4 million. Adjusted EBITDA also saw a slight rise to $3.5 million. However, the net loss widened to $2.6 million from $2.3 million year-over-year. Despite increased operating expenses and G&A costs, the company reduced its interest expense and total debt. Management reaffirmed its full-year 2024 revenue guidance of $38-$40 million and NOI of $22.5-$23.25 million.
Mobile Infrastructure Corporation announced the appointment of David Garfinkle to its Board of Directors, effective January 31, 2023, following the retirement of Shawn Nelson. Garfinkle, previously the Executive VP and CFO of CoreCivic, brings significant finance and real estate experience. His expertise is expected to aid the company's pursuit of a liquidity event and expansion strategies. As of December 31, 2022, MIC owned 44 parking facilities across 22 markets in the U.S., comprising 15,750 parking spaces. The company recently engaged in a merger agreement with Fifth Wall Acquisition Corp. III (FWAC) to further its business objectives.
Fifth Wall Acquisition Corp. III (FWAC) announced a definitive merger agreement with Mobile Infrastructure Corp. (MIC), valuing the combined entity at approximately
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