Growth-focused SPAC Live Oak Acquisition II files for a $200 million IPO

NASDAQ

Live Oak Acquisition II, the second blank check company formed by Live Oak Merchant Partners targeting a high-growth business, 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-third of one warrant, exercisable at $11.50. Atalaya Capital Management intends to purchase up to $15 million worth of units in the offering. At $10 per unit, Live Oak Acquisition II would command a market value of $250 million.

The company is led by CEO 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 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; +14% from $10 offer price) went public this past May and recently announced a merger agreement with Danimer Scientific.

Live Oak Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol LOKB.U. The company filed confidentially on September 18, 2020. Jefferies and BofA Securities are the joint bookrunners on the deal.