Fifth Wall Acquisition Corp. III, a special purpose acquisition company (SPAC) sponsored by an affiliate of Fifth Wall, a venture capital firm focused on technology for the built world, has entered into a definitive business combination agreement with Mobile Infrastructure Corp. (MIC), one of the largest institutional-quality, mobility-focused parking asset owners in the United States.
Transaction values MIC at a $550 million post-money equity valuation.
Upon the closing of this transaction, the combined company expects to be publicly traded on the New York Stock Exchange under the ticker BEEP.
Founded in 2015, MIC has established an industry-leading reputation by acquiring under-managed parking facilities in the nation’s top 50 metropolitan statistical areas (MSAs) and implementing a variety of asset management initiatives to unlock embedded upside. MIC is led by an experienced management team with long-standing parking industry relationships. MIC’s strateg
