Live Oak Acquisition II, the second blank check company formed by Live Oak Merchant Partners targeting a high-growth business, raised $220 million by offering 22 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Atalaya Capital Management had indicated on $15 million worth of units in the offering.
The company is led by CEO and Director Richard Hendrix and President Gary Wunderlich, the co-founders of Live Oak Merchant Partners, as well as Chairman John Amboian, the founder of JA Capital Advisors, and CFO and Director Andrea Tarbox, who was previously the CFO of KapStone Paper & Packaging (formerly NYSE: KS). Live Oak Acquisition II intends to target companies with above industry-average growth and enterprise values between $500 million and $1.5 billion.
The group's previous SPAC, Live Oak Acquisition (LOAK; +33% from $10 offer price) went public this past May and recently announced a merger agreement with Danimer Scientific.
Live Oak Acquisition II plans to list on the NYSE under the symbol LOKB.U. Jefferies and BofA Securities acted as lead managers on the deal.
