A category-leading smart home technology company is going public in a SPAC deal announced Thursday morning.
The SPAC Deal: SmartRent announced a SPAC merger with Fifth Wall Acquisition valuing the company at $2.2 billion.
There are no SPAC warrants involved in the deal, which means less dilution to shareholders later on.
Founder shares are being given a three-year lockup to ensure the long-term investment in the company. Existing shareholders will have a six-month lockup on their shares. Investors in the company include Starwood Capital, Lennar, Invitation Homes, and Koch Real Estate.
Current Fifth Wall Acquisition I shareholders will own 15.9% of the new company after the merger.
About SmartRent: SmartRent is a leader in smart home technology for the global residential real estate market. The company offers an internet of things operating system for residential property owners, managers, homebuilding, home buyers, and residents. SmartRent currently offers self-guided tours, video intercom,