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Fifth Wall’s Journey from Launching in 2016 to This Week’s SPAC IPO | by Brendan Wallace

Written by Lauren | Feb 10, 2021 6:13:04 PM

Today, we closed the Initial Public Offering (IPO) of Fifth Wall Acquisition Corp. I, the first Special Purpose Acquisition Company (SPAC) sponsored by affiliates of Fifth Wall, for $345 million. The SPAC now trades on Nasdaq as “FWAA”. Given the extraordinarily high public market demand for the SPAC, we decided to increase the offering from the originally contemplated $287.5 million to $345 million. FWAA’s IPO was among a limited number of SPAC IPOs to not include warrant coverage alongside its offering of common stock and is the first warrant-free SPAC focused specifically on real estate technology. We’re obviously humbled by this reception and thrilled that the market has such confidence in the SPAC. We believe that the SPAC is well-positioned to introduce to the public markets the very same caliber of real estate technology company that is characterized by Fifth Wall’s portfolio of market-leading proptech businesses, some of which have now gone on to become unicorns.