Live Oak Acquisition Corp. II Announces Closing of Upsized $253,000,000 Initial Public Offering
08 December 2020 - 8:42AM
Live Oak Acquisition Corp. II (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 closed its upsized initial public offering of
25,300,000 units at $10.00 per unit, including 3,300,000 units
issued pursuant to the exercise by the underwriter of its
over-allotment option. While the Company may pursue an initial
business combination target in any business or industry, it intends
to focus its search on companies it believes have significant
growth prospects with the potential to generate attractive returns
for its stockholders. The Company is led by Chief Executive
Officer, Richard J. Hendrix, Chief Financial Officer, Andrea K.
Tarbox, President, Gary K. Wunderlich, Jr., Chief Operating
Officer, Adam J. Fishman and Chairman of the Board, John P.
Amboian.
The units are listed on the New York Stock Exchange (the “NYSE”)
and commenced trading under the ticker symbol “LOKB.U” on December
3, 2020. Each unit consists of one share of the Company’s Class A
common stock and one-third 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 “LOKB” and
“LOKB WS,” respectively.
Jefferies LLC and BofA Securities acted as the book-running
managers for the offering.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$253,000,000 (or $10.00 per unit sold in the public offering) was
placed in the Company’s trust account. An audited balance sheet of
the Company as of December 7, 2020 reflecting receipt of the
proceeds upon consummation of the initial public offering and the
private placement will be included as an exhibit to a Current
Report on Form 8-K to be filed by the Company with the Securities
and Exchange Commission (the “SEC”).
The offering is being made only by means of a prospectus. Copies
of the prospectus relating to the offering 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 was
declared effective by SEC on December 2, 2020. 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 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
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 Acquisition Corp. IIAndrea K. TarboxChief Financial
Officer(203) 858-0934atarbox@liveoakacq.com
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