Live Oak Mobility Acquisition Corp. Announces Estimated Redemption Price of Public Shares

Rhea-AI Summary

Live Oak Mobility Acquisition Corp. (NYSE: LOKM, LOKM.U, LOKM WS) announced the redemption of all outstanding shares of its Class A common stock due to the inability to complete a business combination by March 20, 2023. The redemption price for the public shares is set at approximately $10.16. Following this date, the public shares will be cancelled, granting holders the right to receive the redemption amount. Beneficial owners in 'street name' will automatically receive the redemption amount without needing to take action. Live Oak is a blank check company focused on business combinations.

Positive

• Redemption price set at approximately $10.16, offering value to shareholders.

Negative

• Failure to complete a business combination could indicate challenges in finding suitable acquisition targets.

MEMPHIS, Tenn., March 6, 2023 /PRNewswire/ -- As previously announced, Live Oak Mobility Acquisition Corp. (NYSE: LOKM, LOKM.U, LOKM WS) ("LOKM" or the "Company") will redeem all of its outstanding shares of Class A common stock sold as part of the units in the Company's initial public offering (whether they were purchased in the initial public offering or thereafter in the open market) (the "public shares"), effective as of the close of business on March 20, 2023 because the Company will not consummate an initial business combination within the time period required by its amended and restated certificate of incorporation (the "Charter").

The per-share redemption price for the public shares will be approximately $10.16 (the "Redemption Amount"). Funds in the Company's trust account, including any interest thereon, will not be used to pay for any excise tax imposed under the Inflation Reduction Act of 2022. As of the close of business on March 20, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

The Redemption Amount will be payable to the holders of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company's transfer agent, Continental Stock Transfer & Trust Company, One State Street, 30th Floor, New York, New York 10004. Beneficial owners of public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount.

About Live Oak Mobility Acquisition Corp.

Live Oak Mobility Acquisition Corp. is a blank check company incorporated in Delaware 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.

Forward-Looking Statements

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "will," "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the Securities and Exchange Commission (the "Commission"). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Commission on March 30, 2022, and our Quarterly Reports on Form 10-Q filed with the Commission on May 16, 2022, August 11, 2022, and November 9, 2022, and in other reports we file with the Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

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

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SOURCE Live Oak Mobility Acquisition Corp.

FAQ

What is the redemption price for Live Oak Mobility Acquisition Corp. shares?

The estimated redemption price for public shares is approximately $10.16.

When is the redemption date for Live Oak Mobility Acquisition Corp. shares?

The redemption date is set for March 20, 2023.

Why is Live Oak Mobility Acquisition Corp. redeeming its shares?

The company is redeeming its shares because it will not complete a business combination within the required time frame.

What will happen to my shares after the redemption date?

After the redemption date, public shares will be cancelled and holders will only have the right to receive the redemption amount.

Do I need to take action to receive the redemption amount?

Beneficial owners of public shares held in 'street name' will not need to take any action to receive the redemption amount.