Fifth Wall Acquisition Corp. III amends sponsor agreement and secures $46M PIPE for merger with Mobile Infrastructure

Mobile Infrastructure Corp

Sponsor agrees to cancel 4,775,000 founder shares for no consideration; 1,000,000 vest at $13/share and 1,000,000 at $16/share.
New PIPE investors commit $46 million through Series 2 Preferred Stock at $1,000 per share, convertible at $3.67 per share.
Terminated the initial $10 million PIPE subscription agreement with Harvest Small Cap Partners by mutual consent.
Series 2 Preferred Stock ranks senior to common stock and pays cumulative 10% dividends in kind.
Shares issued in new PIPE are subject to a one-year lock-up and not registered under the Securities Act.

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