Combined Company to Begin Trading on the NYSE
Under “SMRT” Ticker Symbol Tomorrow
SmartRent to Ring the Opening Bell at the
NYSE
SmartRent.com, Inc. (“SmartRent” or “the Company”), a leading
provider of smart home and smart building automation for property
owners, managers, developers, homebuilders and residents, today
announced that it has completed its previously announced business
combination with Fifth Wall Acquisition Corp. I ("FWAA"), a
publicly-traded special purpose acquisition company (“SPAC”)
sponsored by an affiliate of Fifth Wall, the largest venture
capital firm focused on the global real estate industry and
proptech. The transaction was approved at a special meeting of FWAA
stockholders on August 23, 2021. In connection with the completion
of the business combination, the Company changed its name to
SmartRent, Inc. Starting tomorrow, SmartRent will trade on the New
York Stock Exchange (“NYSE”) under the ticker symbol “SMRT.”
“We are thrilled to have reached this important milestone in our
company’s history and are excited to embark on this next phase of
our journey to make smart home technology accessible for everyone,”
said Lucas Haldeman, CEO of SmartRent. “We are experiencing strong
demand for our value-enhancing, open-architecture and
hardware-agnostic operating system, that provides cost savings and
additional revenue opportunities to property owners while helping
them achieve their sustainability goals. This transaction will
allow us to accelerate our growth strategy, and we look forward to
our continued partnership with Fifth Wall as we further extend our
leadership in this rapidly growing market.”
“Before SmartRent, the real estate industry lacked an integrated
software management platform that could deliver a smart home
experience for real estate operators,” said Brendan Wallace, CEO of
Fifth Wall Acquisition Corp. I. “SmartRent has since become the de
facto smart platform for some of the nation’s largest real estate
owners and we are proud to be their partner during this next phase
of growth.”
In connection with the transaction, SmartRent has received
approximately $450 million in cash, net of transaction fees and
expenses, which includes $155 million from a previously announced
private placement of common stock (“the PIPE”). The PIPE is
anchored by a diverse group including, leading real estate
companies, SmartRent customers, and institutional financial
investors. Among them are Starwood Capital Group, Lennar,
Invitation Homes, Koch Real Estate Investments, Baron Capital
Group, D1 Capital Partners L.P., Long Pond Capital, LP, and
Conversant Capital LLC. SmartRent will utilize the proceeds to
invest for growth in the emerging multibillion-dollar smart
building management market. At closing, approximately 99.9% of
funds remained in FWAA’s trust account net of redemptions.
SmartRent and FWAA have aligned long-term interests as the
founder shares of FWAA's sponsor are locked up for periods of up to
three years. Additionally, because no SPAC warrants were issued,
SmartRent’s stockholders will benefit from less dilution and a more
streamlined capital structure.
NYSE Opening Bell
To memorialize the completion of the business combination,
SmartRent will ring the opening bell at the NYSE tomorrow, August
25, 2021 at 9:30 a.m. ET. A live stream of the event and replay can
be accessed by visiting https://www.nyse.com/bell.
Recent Business Highlights
Since announcing the business combination in April 2021,
SmartRent has made significant product and growth announcements,
including:
- An exclusive integration with map visualization technology
leader Engrain to optimize SmartRent's new parking management
solution, Alloy Parking.
- Expansion into student housing, an attractive end market with a
demographic that is highly responsive to technology and smart home
innovations.
- The launch of Smart Intercom and Alloy Access Solo, which
further expand SmartRent’s access control offerings and ability to
transform apartments into connected communities.
- Substantial customer growth with expansion to 182 customers,
which collectively own an aggregate of 3.5 million rental units and
include 15 of the top 20 multifamily residential owners in the
United States, as of June 30, 2021.
Leadership
SmartRent’s existing senior management team will continue to
lead the now combined company, including Lucas Haldeman, Chief
Executive Officer, Demetrios Barnes, Chief Operating Officer, Mitch
Karren, Chief Product Officer, Isaiah DeRose-Wilson, Chief
Technology Officer, CJ Edmonds, Chief Revenue Officer and Jonathan
Wolter, Chief Financial Officer.
SmartRent’s Board of Directors will be comprised of seven
members, including Lucas Haldeman, Alana Beard, Robert Best, John
Dorman, Bruce Strohm, Frederick Tuomi, and Ann Sperling.
Advisors
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
acted as co-financial advisors to SmartRent and DLA Piper LLP (US)
acted as its legal counsel. Morgan Stanley & Co. LLC and J.P.
Morgan Securities LLC acted as Lead Placement Agents on the PIPE
for Fifth Wall Acquisition Corp. I. Deutsche Bank Securities and
Goldman Sachs & Co. LLC acted as Capital Markets Advisors to
Fifth Wall Acquisition Corp. I. Gibson, Dunn & Crutcher LLP
served as legal counsel to Fifth Wall Acquisition Corp. I, and
Moelis & Company LLC acted as financial advisor to the board of
directors of Fifth Wall Acquisition Corp. I. Simpson, Thacher &
Bartlett LLP served as counsel to the placement agents.
About SmartRent
Founded in 2017, SmartRent (NYSE: SMRT) is an enterprise smart
home and smart building technology platform for property owners,
managers and residents. The SmartRent solution is designed to
provide property managers with seamless visibility and control over
all their assets while delivering cost savings and additional
revenue opportunities through all-in-one home control offerings for
residents. For more information, please visit smartrent.com.
About Fifth Wall Acquisition Corp. I
Fifth Wall Acquisition Corp. I is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, FWAA's and SmartRent's expectations
or predictions of future financial or business performance or
conditions, SmartRent's product roadmap, including the expected
timing of new product releases, SmartRent's plans to expand its
product availability globally, the expected use of capital
following the transaction, including SmartRent's ability to
accomplish the initiatives outlined above. Any forward-looking
statements herein are based solely on the expectations or
predictions of FWAA or SmartRent and do not express the
expectations, predictions or opinions of SmartRent in any way.
Forward-looking statements are inherently subject to risks,
uncertainties, and assumptions. Generally, statements that are not
historical facts, including statements concerning possible or
assumed future actions, business strategies, events, or results of
operations, are forward-looking statements. These statements may be
preceded by, followed by, or include the words "believes,"
"estimates," "expects," "projects," "forecasts," "may," "will,"
"should," "seeks," "plans," "scheduled," "anticipates," "intends"
or "continue" or similar expressions. Such forward-looking
statements involve risks and uncertainties that may cause actual
events, results or performance to differ materially from those
indicated by such statements. Certain of these risks are identified
and discussed in the sections entitled "Risk Factors," within
FWAA's (i) Form S-1 filed with the SEC on February 4, 2021, and
(ii) definitive proxy statement/prospectus filed with the SEC on
August 6, 2021. These risk factors will be important to consider in
determining future results and should be reviewed in their
entirety. These forward-looking statements are based on FWAA's or
SmartRent's management's current expectations and beliefs, as well
as a number of assumptions concerning future events. However, there
can be no assurance that the events, results, or trends identified
in these forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and neither FWAA nor SmartRent is under any obligation and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
law.
Readers should carefully review the statements set forth in the
reports, which FWAA has filed or SmartRent will file from time to
time with the SEC. In addition to factors previously disclosed in
FWAA's reports filed with the SEC, which are available, free of
charge, at the SEC's website at www.sec.gov, and those identified
elsewhere in this document, the following factors, among others,
could cause actual results to differ materially from
forward-looking statements or historical performance: the
possibility that SmartRent may not achieve or maintain
profitability in the future, the possibility that SmartRent’s
operating results and financial condition may fluctuate from period
to period, the failure of the smart home technology industry to
grow as expected or if SmartRent is unable to expand its products
and solutions to meet the demands of the market, the difficulty
with evaluating SmartRent’s current business and future prospects
due to its limited operating history, recent growth and quickly
changing markets, risks related to the ability of SmartRent to meet
its legal obligations and laws and regulations related to security
and privacy, risks related to a possible breach in SmartRent’s
security controls or unauthorized or inadvertent access to customer
or residential information or other data or to control or view
systems, the possibility that product liability, warranty, personal
injury, property damage or recall claims may be brought against
SmartRent, the possibility that SmartRent may be unable to attract
new customers or maintain customer satisfaction, the possibility of
customer turnover in the future or costs incurred by SmartRent to
retain and upsell its customers, the possibility that SmartRent may
not develop new products and solutions, adapt to technological
change, sell its products and solutions into new markets, or
further penetrate its existing markets; and those factors discussed
in documents of FWAA or SmartRent filed, or to be filed, with the
SEC.
Any financial projections in this document are forward-looking
statements that are based on assumptions that are inherently
subject to significant uncertainties and contingencies, many of
which are beyond FWAA's and SmartRent's control. While all
projections are necessarily speculative, FWAA and SmartRent believe
that the preparation of prospective financial information involves
increasingly higher levels of uncertainty the further out the
projection extends from the date of preparation. The assumptions
and estimates underlying the projected results are inherently
uncertain and are subject to a wide variety of significant
business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those
contained in the projections. The inclusion of projections in this
document should not be regarded as an indication that FWAA and
SmartRent, or their representatives, considered or consider the
projections to be a reliable prediction of future events.
Annualized, pro forma, projected and estimated numbers
(including projected revenue derived from committed units) are used
for illustrative purposes only, are not forecasts, and may not
reflect actual results. Presentation of historical 0% customer
churn (which occurs when an existing customer removes SmartRent
installed units) is illustrative only, and is not intended to be
predictive of future churn, particularly as business continues to
grow. When used herein, the term "committed units" includes both
(i) units that are subject to binding purchase orders from
customers and (ii) units that existing customers who are parties to
a SmartRent master services agreement have informed SmartRent that
they intend to order.
This document is not intended to be all-inclusive or to contain
all the information that a person may desire in considering an
investment in SmartRent and is not intended to form the basis of an
investment decision in SmartRent. All subsequent written and oral
forward-looking statements concerning SmartRent, the transaction,
or other matters and attributable to SmartRent or any person acting
on their behalf are expressly qualified in their entirety by the
cautionary statements above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210824005778/en/
Investor Contact: investors@smartrent.com Media
Contact: Kayla Wilkinson SmartRent@Inkhouse.com
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