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Mobility and motion technology SPAC Live Oak Mobility Acquisition prices upsized $220 million IPO

March 2, 2021

Live Oak Mobility Acquisition, the third blank check company formed by Live Oak Merchant Partners targeting the mobility and motion technology sectors, 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-fifth of a warrant, exercisable at $11.50. Sponsor affiliate Atalaya Capital Management intends to purchase $20 million worth of units in the offering.

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; +14% 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; +302%) the following December.

Live Oak Mobility Acquisition plans to list on the NYSE under the symbol LOKM.U. Jefferies and BofA Securities acted as lead managers on the deal.