Fifth Wall Acquisition Corp. I (NASDAQ:FWAA) announced in an 8-K filing this morning that its shareholders approved its combination with smart home technology platform Smart Rent at a special meeting yesterday.
The filing did not include redemption details, but they were unlikely to be high. Fifth Wall I has been among the rare bright spots in the SPAC market in terms of trading performance having stayed above $10 since March and spent most of August above $12.
The transaction will now likely be completed shortly with the combined company expected to trade on the Nasdaq under the symbol “SMRT”.
Fifth Wall initially announced the $1.7 billion deal with Smart Rent on April 22. Scottsdale, Arizona-based SmartRent is a proptech company that provides the real estate industry with deeply integrated, brand-agnostic hardware and software solutions.
Smart Rent’s business strongly resembles Latch, which announced a $1 billion combination with TS Innovation (NASDAQ:TSIA) in January and completed its combination on June 3. Both companies provide smart home devices and services through a software-as-a-service (SaaS) model to property managers and developers. LTCH opened today at $10.21.
Fifth Wall shareholders approved the transaction nearly unanimously with 83% of shares participating in the vote, however some measures on the ballot received as many as 35% of votes against. For a full list of proposals and vote tallies, click HERE.
ADVISORS
- J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as co-financial advisors to SmartRent.
- DLA Piper LLP (US) is acting as its legal counsel.
- Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC acted as Lead Placement Agents on the PIPE for Fifth Wall Acquisition Corp. I.
- Deutsche Bank Securities and Goldman Sachs & Co. LLC are acting as Capital Markets Advisors to Fifth Wall Acquisition Corp. I.
- Gibson, Dunn & Crutcher LLP is serving as legal counsel to Fifth Wall Acquisition Corp. I
- Moelis & Company LLC is acting as financial advisor to the board of directors of Fifth Wall Acquisition Corp. I.
- Simpson, Thacher & Bartlett LLP is serving as counsel to the placement agents.
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