Live Oak Mobility Acquisition Corp. Announces Redemption of Public Shares and Subsequent Dissolution
Live Oak Mobility Acquisition Corp. (NYSE: LOKM) announced its decision to redeem all outstanding shares of Class A common stock, effective March 20, 2023, as it failed to complete a business combination by the March 6 deadline. The redemption price will be based on the funds in its trust account, and the company's public shares will cease trading on March 7. Following the redemption, the company will wind down operations and file for delisting. The company will not redeem warrants, which will expire worthless. This marks a significant move towards dissolution after failing to secure a merger or acquisition.
- The company will provide a redemption amount to shareholders based on trust account funds.
- Failed to complete any business combination within the required timeframe, leading to dissolution.
- Public shares will cease trading, indicating financial instability.
- Warrants will expire worthless, affecting investor confidence.
Pursuant to the Charter, if the Company does not consummate an initial business combination by
The Company will provide an estimate of the per-share redemption price for the public shares in the coming days. 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.
The Company anticipates that the public shares will cease trading effective before the open of business on
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,
There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless, and the Company's Class B common stock issued prior to the Company's initial public offering. After
The Company expects that the
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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 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
Company Contact:
Chief Financial Officer, President and Secretary
(901) 685-2865
gwunderlich@liveoakmp.com
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FAQ
What is the reason for Live Oak Mobility Acquisition Corp's share redemption?
When will Live Oak Mobility Acquisition Corp stop trading its public shares?
What happens to the public shares after the redemption announcement?
Will investors receive anything for their warrants after the redemption?