Live Oak Crestview Climate Acquisition, a blank check company formed by Live Oak Merchant Partners and Crestview, lowered the proposed deal size and increase the warrants for its upcoming IPO on Monday.
The Memphis, TN-based company now plans to raise $200 million by offering 20 million units at $10 per unit, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50. The company had previously filed to offer 25 million units at the same price, with each unit containing one-fourth of a warrant. At the revised deal size, Live Oak Crestview Climate Acquisition will raise 20% less in proceeds than previously anticipated.
The company is led by Chairman John Amboian, a senior advisor to Estancia Capital and an industry advisor to Madison Dearborn Partners, and CEO and Director Richard Hendrix, a co-founder and Managing Partner of Live Oak Merchant Partners and an operating executive at Crestview. The company plans to target the climate value chain, with a particular focus on opportunities aligned with energy transition and sustainability themes.
Live Oak Crestview Climate Acquisition was founded in 2021 and plans to list on the NYSE under the symbol LOCC.U. Jefferies, and BofA Securities are the joint bookrunners on the deal
