Business
Mobile Infrastructure Corporation Completes Public Listing Following Merger with Fifth Wall Acquisition Corp. III
Mobile Infrastructure Corporation, the only publicly listed exclusive owner of parking assets, goes public via merger with Fifth Wall Acquisition Corp. III
About this update from Mobile Infrastructure Corporation
[{"type":"text","content":"\n\nMobile Infrastructure Corporation, the only publicly listed exclusive owner of parking assets, goes public via merger with Fifth Wall Acquisition Corp. III\n\n\n\n\nMobile Infrastructure’s proprietary, purpose-built asset management platform positions the company to be a leader in the optimization of parking assets\n\n\n\n\nThe merger with a Fifth Wall sponsored SPAC uniquely positions Mobile Infrastructure to capitalize on a partnership with the global leader in property technology investments\n\n\n\n\nMobile Infrastructure’s Up-C structure will position the company to be highly acquisitive across key urban markets in the United States\n\n\n\n\nA revenue model has been implemented to allow the company to realize increased contribution margins mirroring asset performance\n\n\n\n CINCINNATI--(BUSINESS WIRE)--\nMobile Infrastructure Corporation (NYSE American: BEEP), one of the largest institutional-quality, mobility-focused parking asset owners in the U.S., and Fifth Wall Acquisition Corp. III, a special purpose acquisition company (“SPAC”) sponsored by an affiliate of Fifth Wall, the largest venture capital firm focused on technology for the built world, announced the completion of its business combination. The transaction valued the equity of Mobile at $15.00 per share versus its published 2022 Net Asset Value (“NAV”) of $14.76 per share.\n\n\nMobile Infrastructure Corporation’s common stock commenced trading on the New York Stock Exchange American under the ticker “BEEP” on August 28, 2023.\n\n\nManuel Chavez, CEO and Chairman of Mobile Infrastructure stated, “Public listing is an important milestone in our growth trajectory. The merger structure and domain expertise of Fifth Wall creates alignment with shareholders and clear avenues for open-ended growth.”\n\n\nTransaction Highlights\n\n\nConcurrent with Mobile Infrastructure’s public listing, a PIPE investment provided an additional $46 million of capital that will be used for deleveraging certain debt facilities and general corporate purposes.\n\n\nNo Street Capital and its affiliates invested an additional $40 million through the PIPE. Jeff Osher, Founder of No Street Capital and Mobile Infrastructure board member, stated, “When we made our initial investment in Mobile Infrastructure two years ago, we saw a unique opportunity to partner with an experienced, trustworthy...