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The Daily Dish (4/22/21)

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SmartRent To Go Public in $2.2 Billion Merger with Fifth Wall Acquisition Corp. I

SmartRent Raised $60M to Make Apartments Smarter

SmartRent is the category-leading smart home operating system for residential property owners and managers, homebuilders, home buyers, and residents.

Founded in 2017, SmartRent is a proptech company that provides the real estate industry with deeply integrated, brand-agnostic hardware and software solutions.

Using their breadth and depth of experience as real estate operators, SmartRent’s founding team members pioneered an open-architecture, hardware-agnostic operating system for residential owners while also launching a fully employed national field services team to execute installations for both new construction and retrofitted properties, making SmartRent’s product highly attractive to real estate owners across all property types, segments, and regions.

SmartRent intends to leverage Fifth Wall’s $FWAA investor base of international real estate owners as the company expands into Western Europe, Japan, Southeast Asia, and more.

Sustainability-Minded Owners Value SmartRent Residential real estate is the nation’s single-largest consumer of electricity and accounts for 21% of total U.S. energy consumption.

If all rental buildings adopted SmartRent systems, U.S. energy consumption would decrease by up to 4%. Owners and residents alike value SmartRent’s sustainable model, which saves electricity by rationalizing energy consumption based on property usage, and can also reduce maintenance costs by monitoring for issues such as water leaks.

The transaction is further supported by a $155 million PIPE at $10 per share from leading real estate companies, SmartRent customers, and institutional financial investors, including 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. After the merger, SmartRent’s existing shareholders are expected to own approximately 73% of the pro forma company at close.


Todd Boehly’s SPAC to take Vivid Seats public in near $2B deal

ESPN makes VividSeats its "official ticketing partner"

Online ticket marketplace Vivid Seats Inc said on Thursday it had agreed to be taken public by a Todd Boehly backed blank-check firm, valuing the combined company at $1.95 billion.

The deal with Horizon Acquisition Corp $HZAC will provide $769 million in gross proceeds to Vivid Seats, including a private investment of $225 million from investors including Fidelity Management & Research Company LLC and Eldridge Industries LLC.Founded in 2001, Chicago-based Vivid Seats allows sale and purchase of tickets for sporting events, concerts, theater and other live events through its portal.

It counts ESPN and The Rolling Stones among its partners.

Horizon, a special purpose acquisition company led by Los Angeles Dodgers co-owner Todd Boehly, raised $500 million through an initial public offering last year.

Boehly is the founder of Greenwich, Connecticut-based Eldridge Industries. Evercore is acting as financial and capital adviser to Vivid Seats, while Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are advising Horizon on the deal.


Former SPAC Favorite Fisker Nosedives After Goldman Says Sell

Fisker Ocean electric SUV has 7,000 reservations, startup teases future  models - Roadshow

Fisker Inc.’s $FSR slide is accelerating after a Goldman Sachs rating downgrade to sell, with the decline in the electric vehicle company’s shares now extending to more than half since they hit a record high in March.

Competition from more traditional auto makers including General Motors Co. and Ford Motor Co. who want a piece of the burgeoning market for battery-powered cars and Fisker’s late entry to the market were behind analyst Mark Delaney’s recommendation late Wednesday.

Fisker, Nikola Corp. and Lordstown Motors Corp. are just three of many startups yet to build a single vehicle but chasing kind of euphoric rally that Tesla Inc. rode to a 743% share gain last year.

A Fisker-branded vehicle with Apple Inc. supplier Foxconn Technology Group won’t enter the market until about late 2023 when “The competitive landscape could be even more challenging,” he wrote in a research note.

Delaney cut his rating from neutral and slashed his price target to a Wall Street low of $10 from $15. At the same time the analyst also dropped his buy rating on Lordstown to neutral, and cut his price target by more than half to $10 – about where the stock is currently trading – from $21. That might be a little late for some Lordstown investors as the stock is down nearly 70% from its February highs.

For Fisker, Wall Street optimism still outnumbers more cautious calls with six analysts rating it a buy, three a hold and only Goldman rating the stock a sell.

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