Live Oak Mobility Acquisition Corp. Announces Pricing of Upsized $220,000,000 Initial Public Offering

Rhea-AI Summary

Live Oak Mobility Acquisition Corp. announced the pricing of its initial public offering (IPO) of 22,000,000 units at $10.00 per unit, targeting the mobility and motion technology sectors. The IPO units will be listed under the ticker symbol LOKM.U on the NYSE, trading commencing March 2, 2021. Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant, with the warrants exercisable at $11.50. The offering is set to close on March 4, 2021, and includes a 45-day option for underwriters to purchase additional units.

Positive

• Initial public offering priced at $220 million, indicating strong investor interest.
• Focus on high-growth sectors, potentially enhancing future revenue growth.

Negative

• No immediate business combination target identified, which may delay potential growth.

MEMPHIS, Tenn., March 2, 2021 /PRNewswire/ -- Live Oak Mobility Acquisition Corp. (the "Company"), a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, announced today that it priced its initial public offering of 22,000,000 units at $10.00 per unit. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the mobility and motion technology sectors, which could include but not be limited to emerging technology companies, component/material suppliers, infrastructure providers and other mobility-related services. The Company is led by Chief Executive Officer, Richard J. Hendrix, Chief Financial Officer, and President, Gary K. Wunderlich, Jr., Chief Operating Officer, Adam J. Fishman and Chairman of the Board, Bob Ferguson.

The units will be listed on the New York Stock Exchange (the "NYSE") and will begin trading today, March 2, 2021, under the ticker symbol "LOKM.U." Each unit consists of one share of the Company's Class A common stock and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "LOKM" and "LOKM WS," respectively.

The offering is expected to close on March 4, 2021, subject to customary closing conditions.

Jefferies LLC and BofA Securities are acting as the book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com or BofA Securities, Attention: Prospectus Department,  NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by email at: dg.prospectus_request@bofa.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 1, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Live Oak Mobility Acquisition Corp.
Gary K. Wunderlich, Jr.
Chief Financial Officer and President
(901) 685-2865
gwunderlich@liveoakmp.com

View original content:http://www.prnewswire.com/news-releases/live-oak-mobility-acquisition-corp-announces-pricing-of-upsized-220-000-000-initial-public-offering-301238911.html

SOURCE Live Oak Mobility Acquisition Corp.

FAQ

What is the initial public offering price for Live Oak Mobility Acquisition Corp. units under LOKM.U?

The initial public offering price is $10.00 per unit.

When will the units of Live Oak Mobility Acquisition Corp. start trading?

The units will start trading on March 2, 2021.

What does each unit consist of in the LOKM.U IPO?

Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant.

What is the exercise price for the redeemable warrants associated with LOKM.U?

The exercise price for the redeemable warrants is $11.50 per share.

When is the expected closing date for the Live Oak Mobility IPO?

The expected closing date for the IPO is March 4, 2021.