Fifth Wall Acquisition Corp. III Announces Closing of $275 Million Initial Public Offering
Rhea-AI Summary
Fifth Wall Acquisition Corp. III (FWAC) completed its IPO, raising $275 million by issuing 27.5 million Class A Ordinary Shares at $10 each, which began trading on Nasdaq on May 25, 2021. The underwriters partially exercised their over-allotment option for an additional 2.5 million shares, leaving 1.25 million shares available. The company plans to pursue business combinations in the technology sector related to the real estate industry, specifically focusing on 'proptech' not related to residential real estate. The registration statement became effective on May 24, 2021.
Positive
- Raised $275 million through IPO, enhancing capital for future acquisitions.
- Plans to target 'proptech' companies, focusing on sectors beyond residential real estate.
Negative
- Potential dilution risk from the underwriters' over-allotment option.
News Market Reaction – FWAC
On the day this news was published, FWAC declined 0.20%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOS ANGELES, May 27, 2021 /PRNewswire/ -- Fifth Wall Acquisition Corp. III (the "Company" or "FWAC"), a special purpose acquisition company, today announced the closing of its initial public offering ("IPO") of 27,500,000 Class A Ordinary Shares at a price to the public of
Deutsche Bank Securities, Goldman Sachs & Co. LLC and BofA Securities are acting as joint book-running managers for the offering.
A registration statement relating to the securities became effective on May 24, 2021. The offering is being made only by means of a prospectus, which forms a part of the registration statement. Copies of the prospectus may be obtained for free by visiting EDGAR on the Securities and Exchange Commission (the "SEC") website at www.sec.gov. Alternatively, copies may be obtained from Deutsche Bank Securities, Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by email at prospectus.CPDG@db.com, or by telephone at (800) 503-4611; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or by emailing dg.prospectus—requests@bofa.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Fifth Wall Acquisition Corp. III
Fifth Wall Acquisition Corp. III is a newly formed blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the "Business Combination"). While the Company may pursue an acquisition opportunity in any industry, sector or geographical location, it intends to focus on industries that complement its management team's background, and to capitalize on the ability of its management team to identify and acquire a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which the Company calls the "Built World." Fifth Wall Acquisition Corp. III expects to focus on "proptech" companies other than those serving the residential real estate industry.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the search for a Business Combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
FWAC Media Contacts:
Colleen Hsia / Rachel Rosenblatt
FWAC@fticonsulting.com
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SOURCE Fifth Wall Acquisition Corp. III
FAQ
What is the purpose of Fifth Wall Acquisition Corp. III's IPO?
How much money did FWAC raise in its IPO?
When did Fifth Wall Acquisition Corp. III's shares begin trading?
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