Live Oak Acquisition, a blank check company formed by merchant bank Live Oak and led by the former CEOs of FBR and Nuveen, raised $200 million by offering 20 million units at $10. Units consist of one share of common stock and one half of a warrant exercisable at $11.50. Anchor investor Atalaya Capital Management had indicated on purchasing up to $15 million worth of units in the offering.
The SPAC plans to pursue companies in the financial services, industrial, business services, and real estate sectors with above-average growth, substantial free cash flow, and a defensible market position with an enterprise value of $500 million to $1.5 billion.
CEO Richard Hendrix and President Gary Wunderlich are Managing Partners of Live Oak Merchant Partners Chairman John Amboian is an independent director of Adams Street Partners.
Live Oak Acquisition plans to list on the NYSE under the symbol LOAK.U. Jefferies acted as lead manager on the deal.
