secwatch.observer — SEC 8-K summary
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Issuer:     Mobile Infrastructure Corp (BEEP)
CIK:        0001847874
Form:       8-K
Filed at:   2023-08-31T23:59:59+00:00
Accession:  0001193125-23-226380
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 1.02, 9.01, 4.01, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 5.05, 5.06, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

Mobile Infrastructure Corp. closes SPAC merger; $46M PIPE completed, credit line cut to $58.7M
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- Business combination closed; FWAC domesticated to Maryland and renamed Mobile Infrastructure Corporation; begins trading as BEEP on NYSE American.
- $46M PIPE via 46,000 shares of 10% Series 2 Convertible Preferred at $1,000/share; converts into 13.8M shares of common stock starting Dec 31, 2023.
- Credit facility amended: commitment cut to $58.7M from $75M; $15M PIPE proceeds used to pay down debt; prior defaults waived; minimum cash $7M required.
- Post-merger ownership: New MIC holds 52.05% of Operating Company; Color Up (directors) holds ~44.2% common units; 100K sponsor shares cancelled.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847874/000119312523226380/0001193125-23-226380-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847874/000119312523226380/d543416d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-226380

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