Unless the context otherwise requires, “we,” “us,” “our,” “SmartRent” and the “Company” refer to SmartRent, Inc., a Delaware corporation (f/k/a Fifth Wall Acquisition Corp. I, a Delaware corporation), and its consolidated subsidiaries following the Closing (as defined below). Unless the context otherwise requires, references to “FWAA” refer to Fifth Wall Acquisition Corp. I, a Delaware corporation, prior to the Closing. All references herein to the “Board” refer to the board of directors of the Company.
Terms used in this Current Report on Form 8-K (this “Report”) but not defined herein, or for which definitions are not otherwise incorporated by reference herein, shall have the meaning given to such terms in the Proxy Statement/Prospectus (as defined below) in the section entitled “Basis of Presentation and Glossary” beginning on page i thereof, and such definitions are incorporated herein by reference.
Item 1.01 | Entry into a Material Definitive Agreement. |
Business Combination
As disclosed under the sections entitled “Proposal No. 1—The Business Combination Proposal,” “The Business Combination” and “The Merger Agreement” beginning on pages 85, 187 and 215, respectively, of the definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) filed with the Securities and Exchange Commission (the “SEC”) by FWAA on August 6, 2021, FWAA entered into a Merger Agreement dated April 21, 2021 (as amended by Amendment No. 1 to Merger Agreement, dated July 23, 2021, the “Merger Agreement”), with Einstein Merger Corp. I., a wholly-owned subsidiary of FWAA (“Merger Sub”), and SmartRent.com, Inc., now known as SmartRent Technologies, Inc. (“Legacy SmartRent”). Pursuant to the Merger Agreement, Merger Sub was merged with and into Legacy SmartRent, with Legacy SmartRent surviving the merger as a wholly owned subsidiary of the Company (the “Business Combination” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions”).
On August 23, 2021, FWAA held a special meeting of stockholders (the “Special Meeting”), at which the FWAA stockholders considered and adopted, among other matters, a proposal to approve the Business Combination, including (a) adopting the Merger Agreement and (b) approving the other transactions contemplated by the Merger Agreement and related agreements described in the Proxy Statement/Prospectus.
Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, following the Special Meeting, on August 24, 2021 (the “Closing Date”), the Transactions were consummated (the “Closing”).
Item 2.01 of this Report discusses the consummation of the Transactions and the entry into agreements relating thereto and is incorporated herein by reference.
Registration Rights Agreement
On August 24, 2021, in connection with the consummation of the Business Combination and as contemplated by the Merger Agreement, SmartRent, Fifth Wall Acquisition Sponsor, LLC (“Sponsor”) and certain stockholders of Legacy SmartRent entered into that certain Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”). The material terms of the Registration Rights Agreement are described in the section of the Proxy Statement/Prospectus beginning on page 233 entitled “Other Agreements—Registration Rights Agreement.” Such description is qualified in its entirety by the text of the Registration Rights Agreement, which is included as Exhibit 10.1 to this Report and is incorporated herein by reference.
Item 2.01. | Completion of Acquisition or Disposition of Assets. |
As described above, on August 23, 2021, FWAA held the Special Meeting, at which the FWAA stockholders considered and adopted, among other matters, a proposal to approve the Merger Agreement and the Transactions. On August 24, 2021, the parties consummated the Business Combination. In connection with the Closing, the Company changed its name from Fifth Wall Acquisition Corp. I to SmartRent, Inc.
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