FWAC amends trust agreement to hold cash in interest-bearing deposit account at ~4% yield

Mobile Infrastructure Corp

May 25, 2023: FWAC amended Trust Agreement with Continental to allow trust proceeds in interest-bearing deposit account.
Company instructed liquidation of trust investments; cash now earns ~4.00% per annum interest.
Amendment allows trustee to hold funds uninvested, in interest-bearing demand deposit, or in U.S. government securities.
No change to business combination timeline; administrative change to preserve capital and earn interest.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Mobile Infrastructure Corp amended Amendment No. 1 to the Trust Agreement (effective 2023-05-25).

Action: amendment
Effective: 2023-05-25

Exact text from the filing

On May 25, 2023, FWAC and Continental entered into Amendment No. 1 to the Trust Agreement (“Amendment No. 1”). Amendment No. 1 amends the Trust Agreement for administrative purposes to allow for trust account proceeds to be held in an interest bearing deposit account.

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Source: SEC EDGAR

accession 0001193125-23-156927

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