SmartRent Acquires The Smart Home Company

TL;DR

SmartRent buys The Smart Home Company to boost its smart home tech game.

AI Summary

SmartRent, Inc. announced on March 4, 2024, that it has entered into a definitive agreement to acquire The Smart Home Company, LLC. This acquisition is expected to close in the second quarter of 2024 and will be funded through a combination of cash on hand and newly issued SmartRent common stock. The combined entity aims to enhance SmartRent's market position in the smart home technology sector.

Why It Matters

This acquisition expands SmartRent's reach and capabilities in the smart home market, potentially leading to increased revenue and market share.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.

Key Numbers

• Q2 2024 — Expected Closing Quarter (Timeline for the acquisition of The Smart Home Company)

Key Players & Entities

• SmartRent, Inc. (company) — Registrant
• The Smart Home Company, LLC (company) — Target of acquisition
• Fifth Wall Acquisition Corp. I (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share SMRT The New York Stock E
• $50,000,000 — pany authorized the repurchase of up to $50,000,000 of the Company's Class A common stock.

Filing Documents

• smrt-20240304.htm (8-K) — 53KB
• smrt-ex99_1.htm (EX-99.1) — 476KB
• 0000950170-24-025421.txt ( ) — 675KB
• smrt-20240304.xsd (EX-101.SCH) — 28KB
• smrt-20240304_htm.xml (XML) — 5KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On March 5, 2024, SmartRent, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2023. A copy of the Company's press release is attached hereto and incorporated herein by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On March 5, 2024, the Company posted supplemental investor materials on the investor relations section of its website (investors.smartrent.com). The Company announces material information to the public about its business, its products and services, and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, and the investor relations section of its website (investors.smartrent.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

01 Other Events

Item 8.01 Other Events Stock Repurchase Program On March 4, 2024, the board of directors of the Company authorized the repurchase of up to $50,000,000 of the Company's Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Exchange Act. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Document 99.1 Press release issued by SmartRent, Inc. on March 5, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 5, 2024 SMARTRENT, INC. By: /s/ Lucas Haldeman Name: Lucas Haldeman Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR