Fifth Wall has stepped back from its $150m (£112m) plan to take another real estate tech firm public via a special purpose acquisition company.
The LA-based proptech fund revealed its second SPAC in March last year, with plans to issue 15m shares at $10 each on the Nasdaq. The fund has now withdrawn the SPAC’s registration.
With its first SPAC, Fifth Wall took Arizona-based home automation company SmartRent public last August, in a deal that raised $450m. SmartRent’s stock hit more than $14 per share in early September but it has since lost more than half of its value and closed trading on Monday at $6.45 per share, mirroring the wider downturn in the SPAC market.
Last month, Fifth Wall announced it had raised around $159m for its first European fund.
See also: The EG Interview: Fifth Wall’s Brendan Wallace on being a harbinger of change
To send feedback, e-mail emily.wright@eg.co.uk or tweet @EmilyW_9 or @EGPropertyNews
