FAQ

On August 25, 2023, Mobile Infrastructure Corporation, Inc. merged with, and into, Fifth Wall Acquisition Corp. III.  The combined company operates under the name Mobile Infrastructure Corporation, Inc. (“MIC”), and its common stock trades on the NYSE American under the ticker symbol “BEEP”.  

Common shares held by MIC’s existing shareholders were converted into new MIC common stock at the time of the public listing.  MIC’s common shareholders received 1.5 shares of the combined company for each share of MIC common stock held prior to the effective time of the merger.

Preferred shares held by MIC’s existing shareholders were converted into new MIC preferred shares at the time of the public listing.  MIC’s preferred shareholders received one share of preferred stock of the combined company for each share of MIC preferred stock held prior to the effective time of the merger.  This includes the Series 1 Convertible Redeemable Preferred Stock and the Series A Convertible Redeemable Preferred Stock.  The terms are substantively identical to before the merger.

Yes. Dividends on Mobile Infrastructure’s Series 1 Convertible Redeemable Preferred Stock (“Series 1” shares) and Series A Convertible Redeemable Preferred Stock (“Series A” shares) are continuing to accrue in accordance with their terms.

Any dividends previously accrued but unpaid prior to the merger remain obligations of the combined company.  The timing of the payment of dividends has yet to be determined.

The Series 1 shares accrue dividends at the rate of 5.50% per annum of the stated value of $1,000 (equivalent to an annual rate of $55.00 per share).

The Series A shares accrue dividends at the rate of 5.75% per annum of the stated value of $1,000 (equivalent to an annual rate of $57.50 per share).

The value of the preferred stock is calculated as the face value of the preferred stock plus any accrued dividends.

You may request to convert your shares of preferred stock into common stock.  See “How can I convert my preferred stock?” below.

The preferred shares do not trade, and Mobile Infrastructure does not have a repurchase program.

If you wish to convert your Series A Shares or Series 1 Shares into common stock, you must email a letter of instruction to Mobile Infrastructure at Preferred.Conversions@mobileit.com.

The notice must include (i) your request that the shares be converted under the terms of the Series 1 Shares or Series A Shares and (ii) the number of Series 1 Shares or Series A Shares to be converted.

Upon receipt of a notice to convert the Series 1 Shares or Series A Shares into shares of common stock, Mobile Infrastructure has the option to redeem the Series 1 Shares or Series A Shares for cash by providing notice to the holder of Series 1 Shares or Series A Shares of its intent to redeem the shares for cash at least 10 business days prior to the expected conversion date.

Cash Redemptions

The cash redemption price is equal to $1,000 per Preferred Share, plus any accrued and unpaid dividends.

Common Stock Conversion

Each Series 1 Share or Series A Share will convert into a number of shares of common stock determined by dividing (i) the sum of (A) $1,000 plus (B) any accrued but unpaid dividends thereon by (ii) the Conversion Price.

The Conversion Price for each Series 1 or Series A share is equal to the volume-weighted average price per share of common stock for the 20 trading days prior to the delivery date of the notice for requesting the conversion.

Conversions to common stock or redemptions for cash take approximately 30-35 trading days after written notice has been received by Mobile Infrastructure.

Cash Redemptions

The transfer agent, Continental Stock Transfer & Trust Company, will process the request and mail a check to the shareholder’s registered address within 48 hours of completion of the redemption.

Common Stock Conversions

Continental Stock Transfer & Trust Company will process the request and mail a statement to the shareholder within 48 hours of the completion of the conversion.