Live Oak Mobility Acquisition, the third blank check company formed by Live Oak Merchant Partners targeting the mobility and motion technology sectors, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Memphis, TN-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Sponsor affiliate Atalaya Capital Management intends to purchase $20 million worth of units in the offering. At the proposed deal size, Live Oak Mobility Acquisition would command a market value of $250 million.
The company is led by Chairman Bob Ferguson, the founder and CEO of global diversified business and communications consulting firm Hawksbill Group, and CEO and Director Richard Hendrix, a co-founder and Managing Partner of merchant bank Live Oak Merchant Partners and an Operating Executive at private equity firm Crestview Partners. The company plans to target the mobility and motion technology sectors, focusing on businesses with enterprise values between $500 million and $1.5 billion.
Management's previous SPACs include Live Oak Acquisition II (LOKB.U; +15% from $10 offer price), which went public in December 2020, and Live Oak Acquisition, which went public in May 2020 and completed its acquisition of bioplastics maker Danimer Scientific (DNMR; +380%) the following December.
Live Oak Mobility Acquisition was founded in 2021 and plans to list on the NYSE under the symbol LOKM.U. Jefferies and BofA Securities are the joint bookrunners on the deal.
