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.