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

Rhea-AI Summary

Live Oak Mobility Acquisition Corp. (NYSE: LOKM) announced the redemption of all outstanding Class A common stock effective March 20, 2023. This decision follows the company's inability to consummate a business combination within the required time frame as per its amended charter. The redemption price per share is estimated at $10.16. Shareholders will have their public shares canceled and will be eligible to receive the Redemption Amount upon presenting their shares. Beneficial owners with shares in street name will not need to take any action. This step marks a significant development in the company's operational status.

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Negative

• Inability to Complete Business Combination: The company failed to consummate an initial business combination, leading to the redemption of shares. Potential Investor Concerns: Shareholders may view this as a lack of viable opportunities, raising doubts about management's strategy.

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 Live Oak Mobility Acquisition Corp shares is approximately $10.16.

Why is Live Oak Mobility Acquisition Corp redeeming its shares?

Live Oak Mobility Acquisition Corp is redeeming its shares because it did not consummate a business combination within the required time period.

When will the shares of Live Oak Mobility Acquisition Corp be redeemed?

The shares will be redeemed effective March 20, 2023.

What happens to shares that are redeemed by Live Oak Mobility Acquisition Corp?

Shares that are redeemed will be canceled, and shareholders will receive the Redemption Amount.

What is the ticker symbol for Live Oak Mobility Acquisition Corp?

The ticker symbols for Live Oak Mobility Acquisition Corp are LOKM, LOKM.U, and LOKM WS.