MEMPHIS,
Tenn., March 3, 2023 /PRNewswire/ -- Live Oak
Mobility Acquisition Corp. (NYSE: LOKM, LOKM.U, LOKM WS) ("LOKM" or
the "Company") today announced that it 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").
Pursuant to the Charter, if the Company does not consummate an
initial business combination by March 6,
2023, the Company will: (i) cease all operations except for
the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter subject to lawfully
available funds therefor, redeem 100% of the public shares in
consideration of a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Company's trust account
including interest earned on the funds held in the trust account
and not previously released to the Company to pay its taxes (less
up to $100,000 of such net interest
to pay dissolution expenses), divided by the number of
then-outstanding public shares, which redemption will completely
extinguish rights of the public stockholders(including the right to
receive further liquidating distributions, if any), subject to
applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company's
remaining stockholders and the board of directors in accordance
with applicable law, dissolve and liquidate, subject in each case
to the Company's obligations under the General Corporation Law of
the State of Delaware to provide
for claims of creditors and the requirements of applicable law.
The Company will provide an estimate of the per-share redemption
price for the public shares in the coming days. 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.
The Company anticipates that the public shares will cease
trading effective before the open of business on March 7, 2023. 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.
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants, which will expire
worthless, and the Company's Class B common stock issued prior to
the Company's initial public offering. After March 6, 2023, the Company shall cease all
operations except for those required to wind up the Company's
business.
The Company expects that the New York Stock Exchange will file a
Form 25 with the United States Securities and Exchange Commission
(the "Commission") to delist its securities. The Company thereafter
expects to file a Form 15 with the Commission to terminate the
registration of its securities under the Securities Exchange Act of
1934, as amended.
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 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.