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Written by 4:57 pm Blog, Current Investigations, Securities Fraud

Mobile Infrastructure Corporation News

Mobile Infrastructure Corporation News, featured by top securities fraud attorneys, the White Law Group

Mobile Infrastructure Corp. (The Parking REIT) Shareholder Lawsuits

The White Law Group continues to investigate potential securities fraud claims involving broker dealers who may have improperly recommended Mobile Infrastructure Corporation (formerly The Parking REIT) to investors.   

According to a filling with the Securities and Exchange Commission on December 14, 2022, Mobile Infrastructure Corporation, a formerly a non-traded REIT (The Parking REIT Inc.), announced that it entered into a definitive business combination agreement with Fifth Wall Acquisition Corporation III, a special purpose acquisition company sponsored by an affiliate of Fifth Wall.  

Special purpose acquisition companies (SPACs) were designed as a shortcut to a stock-market listing and a way for retail investors to gain access to promising start-up companies. Unfortunately, these often turn into bad investments because of poor due diligence and financial controls. According to one report, an index of 25 companies that became public by combining with a SPAC has declined more than 75% from its peak in February last year. To learn more see: Securities Investigation – Special Interest Acquisition Company (SPAC) .

The company originally planned to merge with  Mobile Infrastructure Trust (MIT), a newly formed entity that was planning an initial public offering (IPO) and subsequent listing of its shares on the NYSE under the ticker symbol “BEEP”. The merger, which the company anticipated would close during the third quarter of 2022, didn’t happen. 

Now under the new agreement with Fifth Wall, the company is planning to list its share on the NYSE under the ticker BEEP. The deal is expected to close during the first quarter of 2023. 

According to a Form 10-Q filing on November 16, 2022, Mobile Infrastructure Corp. “has incurred net losses since its inception and anticipates net losses for the near future.”  

As of September 30, 2022, Mobile Infrastructure Corp. was reportedly in compliance with all applicable covenants in agreements governing its debt. However, based on the Company’s projected financial performance, the Company “does not currently have sufficient cash on hand, liquidity or projected future cash flows to repay these outstanding amounts upon an event of default.” The company noted that due to numerous conditions and events there is substantial doubt about the Company’s ability to continue as a “going concern,” according to the Form 10-Q filing.

The most recent valuation (NAV) for the company’s common stock is $11.75 per common share, as of January 14, 2021. Shares were originally sold for $25.00 each.

We have previously reported numerous problems facing the Parking REIT including 3 pending class action lawsuits, and allegations of fraud against one of the company’s executives. Parking REIT Executive Allegedly Charged with Defrauding Investors  

The company reportedly agreed in January to sell a majority stake to an affiliate of Bombe Asset Management LLC, a Cincinnati-based alternative asset management firm, according to an 8-K filing 

Parking REIT Loses REIT Status prior to Name Change  

On November 12, 2021, The Parking REIT announced in a letter to investors that it has changed its name to Mobile Infrastructure Corporation, after losing its status as a REIT. The company, which invests primarily in parking lots and garages in the United States, reportedly lost REIT status during the pandemic when leases were converted to management agreements by the prior management team. The company noted that it is attempting to reassert REIT status.  

Many investors are not fully aware of the problems and risks associated with alternative investments before purchasing them.   

Alternative investments are complex and inherently risky products. Compared to traditional investments, such as stocks, bonds and mutual funds, they are significantly more complex and often better suited for sophisticated and institutional investors.   

Broker dealers are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor. Firms that fail to do so, may be held responsible for any losses in a FINRA arbitration claim.   

Potential Lawsuits to Recover Investment Losses  

If you are concerned about your investment in Mobile Infrastructure Corporation (the Parking REIT), the White Law Group may be able to help you.  For a free consultation with a securities attorney, please call 888-637-5510.   

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.   

For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit   

 To learn more about the firm’s investigation, please see:  

The Parking REIT: Negative Effects of Covid-19 Pandemic  

Parking REIT Update – Declining NAV $11.75 Per Share  

Investor Alert: Mobile Infrastructure Corp. Plans IPO under Ticker “BEEP”  


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