Fifth Wall Acquisition I, a blank check company targeting a real estate technology business, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Fifth Wall Acquisition I would command a market value of $313 million.
The company is led by CEO and Chairman Brendan Wallace, who has served as Co-Founder and Managing Partner of Fifth Wall Ventures since 2016, and CFO and Director Andriy Mykhaylovskyy, who has been a Managing Partner at Fifth Wall Ventures since 2017. Fifth Wall Acquisition I intends to leverage its management team's experience and target 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 they refer to as the “Built World.”
Fifth Wall Acquisition I was founded in 2020 and plans to list on the Nasdaq under the symbol FWAA. It filed confidentially on December 18, 2020. Goldman Sachs and Deutsche Bank are the joint bookrunners on the deal.
