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Real estate technology-focused SPAC Fifth Wall Acquisition II withdraws $150 million IPO

February 25, 2022

Fifth Wall Acquisition II, the second blank check company formed by Fifth Wall targeting real estate technology, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $150 million by offering 15 million shares at a price of $10. The company did not plan to include warrants in the offering.

The company was set to be led by CEO and Chairman Brendan Wallace, who has served as Co-Founder and Managing Partner of Fifth Wall Ventures since 2016, and CFO and Director Andriy Mykhaylovskyy, who has been a Managing Partner at Fifth Wall Ventures since 2017. The group's previous SPAC, Fifth Wall Acquisition I, completed its merger with SmartRent (SMRT) this past August.

Fifth Wall Acquisition II had planned to target technology businesses focusing on verticals of the real estate industry, as well as adjacent industries that collectively make up the human-made environment that provides the setting for human activity.

The Los Angeles, CA-based company was founded in 2021 and planned to list on the Nasdaq under the symbol FWAB. Deutsche Bank, Citi, and Goldman Sachs were set to be the joint bookrunners on the deal.