Live Oak Acquisition Corp. II and Navitas SemiconductorAnnounce Filing of a Registration Statement on Form S-4 in Connection with their Proposed Business Combination

PR NEWSWIRE

Live Oak Acquisition Corp. II (NYSE: LOKB) and Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announce Filing of a Registration Statement on Form S-4 in Connection with their Proposed Business Combination

Filing of Registration Statement on Form S-4 Provides Historical Financial Data

DUBLIN and Memphis, Tenn., June 8, 2021 /PRNewswire/ -- Navitas Semiconductor ("the Company" or "Navitas"), the industry leader in GaN Power ICs, and Live Oak Acquisition Corp. II (NYSE: LOKB) ("Live Oak II" or "LOKB"), a blank check company, today announced that Live Oak II has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form S-4 (the "Registration Statement"), which contains a preliminary proxy statement/prospectus, in connection with the proposed business combination between Live Oak II and Navitas announced on May 7, 2021. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Navitas, Live Oak II, and the proposed business combination.

Live Oak's Class A common stock is currently traded on NYSE under the tickers "LOKB,"  "LOKB.U," and LOKB WS," respectively. In connection with the closing of the transaction, Live Oak's Class A common stock will be listed under the new ticker symbol "NVTS". Completion of the transaction, which is expected in the third quarter of 2021, is subject to approval by Navitas' and Live Oak's respective stockholders, the Registration Statement being declared effective by the SEC and other customary closing conditions.

A link to the filing is available under the "SEC Filings" section of the Navitas website at www.navitassemi.com/sec-filings/ . The filing can also be viewed on the SEC's website at www.sec.gov.

About Navitas
Navitas is the industry leader in gallium nitride (GaN) power ICs, founded in 2014. Navitas has a strong and growing team of power semiconductor industry experts with a combined 300 years of experience in materials, devices, applications, systems and marketing, plus a proven record of innovation with over 200 patents among its founders. GaN power ICs integrate GaN power with drive, control and protection to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets. Over 120 Navitas patents are issued or pending, and over 20 million GaNFast power ICs have been shipped with zero reported field failures.

About Live Oak Acquisition Corp. II
Live Oak II raised $253 million in December 2020, and its units, Class A common stock and warrants are listed on the NYSE under the tickers "LOKB.U," "LOKB" and LOKB WS," respectively. Live Oak II is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Live Oak II is led by an experienced team of managers, operators and investors who have played important roles in helping build and grow profitable public and private businesses, both organically and through acquisitions, to create value for stockholders. The team has experience operating and investing in a wide range of industries, bringing a diversity of experiences as well as valuable expertise and perspective.

Cautionary Statement Regarding Forward Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the proposed transaction, the ability of the parties to consummate the transaction, the benefits of the transaction and the combined company's future financial performance, as well as the combined company's strategy, future operations, estimated financial position, estimated revenues and losses, projections of market opportunity and market share, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "plan," "seek," "expect," "project," "forecast," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Live Oak II and Navitas caution you that the forward-looking statements contained in this press release are subject to numerous risks and uncertainties, including the possibility that the expected growth of Navitas' business will not be realized, or will not be realized within the expected time period, due to, among other things: (i) Navitas' goals and strategies, future business development, financial condition and results of operations; (ii) Navitas' customer relationships and ability to retain and expand these customer relationships; (iii) Navitas' ability to accurately predict future revenues for the purpose of appropriately budgeting and adjusting Navitas' expenses; (iv) Navitas' ability to diversify its customer base and develop relationships in new markets; (v) the level of demand in Navitas' customers' end markets; (vi) Navitas' ability to attract, train and retain key qualified personnel; (vii) changes in trade policies, including the imposition of tariffs; (viii) the impact of the COVID-19 pandemic on Navitas' business, results of operations and financial condition; (ix) the impact of the COVID-19 pandemic on the global economy; (x) the ability of Navitas to maintain compliance with certain U.S. Government contracting requirements; (xi) regulatory developments in the United States and foreign countries; and (xii) Navitas' ability to protect its intellectual property rights. Forward-looking statements are also subject to additional risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Live Oak II is not obtained; (iii) the outcome of any legal proceedings that may be instituted against Live Oak II or Navitas following announcement of the proposed transaction; (iv) the risk that the proposed transaction disrupts Live Oak II's or Navitas' current plans and operations as a result of the announcement of the proposed transaction; (v) costs related to the proposed transaction; (vi) failure to realize the anticipated benefits of the proposed transaction; (vii) risks relating to the uncertainty of the projected financial information with respect to Navitas; (viii) risks related to the rollout of Navitas' business and the timing of expected business milestones; (ix) the effects of competition on Navitas' business; (x) the amount of redemption requests made by Live Oak II's public stockholders; (xi) the ability of Live Oak II or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and (xii) those factors discussed in Live Oak II's final prospectus filed with the Securities and Exchange Commission (the "SEC") on December 4, 2020 under the heading "Risk Factors" and other documents of Live Oak II filed, or to be filed, with the SEC.

If any of the risks described above materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by our forward-looking statements. There may be additional risks that neither Live Oak II nor Navitas presently know or that Live Oak II and Navitas currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Live Oak II's and Navitas' expectations, plans or forecasts of future events and views as of the date of this press release. Live Oak II and Navitas anticipate that subsequent events and

developments will cause Live Oak II's and Navitas' assessments to change. However, while Live Oak II and Navitas may elect to update these forward-looking statements at some point in the future, Live Oak II and Navitas specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Live Oak II's and Navitas' assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Important Information and Where to Find It
In connection with the proposed transaction, Live Oak II has filed a registration statement on Form S-4 (the "Registration Statement") with the SEC, which includes a proxy statement/prospectus of Live Oak II. Live Oak II also plans to file other documents and relevant materials with the SEC regarding the proposed transaction. After the Registration Statement has been cleared by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of Live Oak II. SECURITYHOLDERS OF LIVE OAK II AND NAVITAS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Stockholders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Live Oak II and Navitas once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov

Participants in the Solicitation
Live Oak II and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Live Oak II in connection with the proposed transaction. Navitas and its officers and directors may also be deemed participants in such solicitation. Securityholders may obtain more detailed information regarding the names, affiliations and interests of certain of Live Oak II's executive officers and directors in the solicitation by reading Live Oak II's Annual Report on Form 10-K filed with the SEC on March 25, 2021 and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the proposed transaction when they become available. Information concerning the interests of Live Oak II's participants in the solicitation, which may, in some cases, be different than those of Live Oak II's stockholders generally, will be set forth in the proxy statement/prospectus relating to the proposed transaction when it becomes available.

Contact Information
For Navitas
Media
Graham Robertson, CMO Grand Bridges
Graham@GrandBridges.com

Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com

For Live Oak II
Adam J. Fishman, COO
afishman@liveoakmp.com

Navitas Semiconductor and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor, Ltd. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Live Oak Mobility Acquisition Corp. Announces Receipt of Notification Letter from NYSE

Live Oak Mobility Acquisition Corp. Announces Receipt of Notification Letter from NYSE

Memphis, TN, June 1, 2021 – Live Oak Mobility Acquisition Corp. (the “Company”) announced today that it received a notice from the New York Stock Exchange (the “NYSE”) indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). The notice has no immediate effect on the listing of the Company’s securities on the NYSE. The Company will regain compliance with the NYSE listing standards by filing the Form 10-Q, which the Company anticipates filing prior to June 15, 2021.

About Live Oak Mobility Acquisition Corp.

Live Oak Mobility Acquisition Corp. is a blank check company 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. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the mobility and motion technology sectors, which could include but not be limited to emerging technology companies, component/material suppliers, infrastructure providers and other mobility-related services. The Company is led by Chief Executive Officer, Richard J. Hendrix, Chief Financial Officer, President and Secretary, Gary K. Wunderlich, Jr., Chief Operating Officer, Adam J. Fishman and Chairman of the Board, Bob Ferguson.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or its 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 SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its 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 of the Company’s final prospectus for the Company’s initial public offering filed with the SEC. 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

Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, to Go Public at an Enterprise Value of $1.04 Billion via Live Oak II SPAC Business Combination

Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, to Go Public at an Enterprise Value of $1.04 Billion via Live Oak II SPAC Business Combination

NEWSWIRE

  • Deal raises approximately $400M of capital, including an over-subscribed and upsized $145M PIPE

  • Capital to be used for accelerated product development and expansion into power semi markets estimated at a $13B TAM, including mobile, consumer, enterprise, renewables and EV / eMobility.

  • Navitas estimates that its proprietary and highly patent protected GaNFast™ power ICs deliver up to 3x faster charging in half the size and weight and up to 40% energy savings compared with legacy silicon chips.

  • Over 18 million GaNFast™ power ICs have shipped, with zero reported field failures, to Tier 1 customers including Dell, Lenovo, Xiaomi, OPPO, LG, Amazon, Belkin and dozens more.

  • Committed manufacturing capacity well in excess of current forecasts to confidently meet strong customer demand

  • Navitas estimates that GaN ICs can impact up to 2.6 Gtons of CO2 reduction annually by 2050.

DUBLIN, IRELAND and Memphis, TN. –  (NYSE: LOKB) – May 6, 2021— Navitas Semiconductor (“the Company” or “Navitas”), the industry leader in GaN Power ICs, today announced that it has entered into a definitive agreement to combine with Live Oak Acquisition Corp. II (“Live Oak II”), a publicly-traded special-purpose acquisition company. The transaction, which values the combined entity at a pro forma equity value of $1.4 billion, will result in Navitas becoming a publicly traded company on a national exchange under a new ticker symbol. 

Gallium nitride (GaN) is a next-generation semiconductor technology that runs up to 20x faster than legacy silicon, and enables up to 3x more power and 3x faster charging in half the size and weight. Navitas GaNFast™ power ICs integrate GaN power and drive plus protection and control to deliver simple, small, fast and efficient performance. 

Driven by increasing demand for connectivity, electrification away from fossil fuels, and efficient sustainable energy sources, Navitas predicts GaN ICs can address markets estimated to grow to over $13 billion in 2026. Markets include mobile, consumer, enterprise (data center, 5G), renewables (solar, energy storage) and EV / eMobility.

With a proven leadership team with over 300 years of combined power semiconductor experience and a track record of extraordinary value creation, Navitas is in mass production and ramping shipments to many major OEM’s and aftermarket suppliers, including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin and dozens of others. Over 18 million GaNFast™ power ICs have shipped, with zero reported field failures.

With a proprietary process design kit (PDK) and over 120 patents granted or pending, Navitas has an early mover advantage in the GaN market. A robust roadmap for new GaN generations and continued cost reductions accelerate the transformation to “Electrify Our World™” away from CO2-burdened fossil fuels. Navitas estimates that GaN can impact up to 2.6 Gtons of CO2 reduction annually by 2050. 

Gene Sheridan, co-founder and CEO of Navitas commented: “Navitas was formed with the vision to revolutionize the world of power electronics while addressing significant sustainability challenges for our planet. Not only has Navitas’ world-class team invented and patented revolutionary new technology, but we have also overcome all the key hurdles associated with successfully bringing it to market. We are proud to enter the public capital markets with strong operating momentum and investor partners who share our enthusiasm for our long-term mission.”

“We are excited to partner with Navitas,” said Rick Hendrix, Chief Executive Officer of Live Oak, “This is the most compelling opportunity we have seen in the semiconductor industry, and we are delighted that Navitas’ solutions contribute meaningfully to reduced carbon emissions through more efficient power delivery. The capital raised through this transaction will allow Navitas to accelerate that vision as they expand from mobile and consumer markets into even more power-intensive applications like data centers, solar energy and electric vehicles - all while delivering a significant CO2 reduction as part of their Net Zero initiative.” 

Navitas was originally funded by the company’s management team, along with top venture capitalists with exceptional long term track records highly focused on disruptive businesses in the clean tech and electronics industries. Capricorn Investment Group Atlantic Bridge  and seed investor Malibu IQ, along with all current investors are rolling 100% of their equity in this transaction. Malibu IQ founder David Moxam noted, “With a doubling of electrical energy demand driving the global energy transition, Navitas’ GaN Power ICs are already having a powerful, positive energy efficiency impact, benefiting all of us globally.” 

Transaction Overview

The transaction is anticipated to deliver up to $398 million of gross proceeds to the combined company, assuming minimal redemptions by Live Oak II’s public stockholders. This includes an oversubscribed and upsized $145 million private placement of Class A common stock in Live Oak II at $10.00 per share (the “PIPE”), from a diversified group of top-tier institutional investors. Proceeds of the transaction will be used to fund Navitas’ future growth initiatives. Existing Navitas shareholders will roll 100% of their equity into the combined company, demonstrating their conviction of Navitas’ continued growth trajectory. The transaction, which has been unanimously approved by the boards of Live Oak II and Navitas, is expected to close in the third quarter of 2021, subject to approval by Navitas’ shareholders, which has been secured through support agreements, Live Oak II's shareholders and other customary closing conditions, including any applicable regulatory approvals.

Advisors

Deutsche Bank Securities and Jefferies are serving as co-financial advisors to Navitas.  Jefferies and BofA Securities are acting as placement agents on the PIPE and capital markets advisors to Live Oak II. Nomura Greentech and BofA Securities are serving as financial advisors to Live Oak II. DLA Piper LLP is serving as legal counsel to Navitas. Vinson & Elkins LLP is serving as legal counsel to Live Oak II. Winston & Strawn LLP is serving as legal counsel the placement agents on the PIPE. Blueshirt Capital Markets LLC is serving as an advisor to Navitas. 

Investor Conference Call Information

Management of Navitas and Live Oak II have recorded an audio webcast reviewing the proposed transaction and investor presentation, which will be available on www.navitassemi.com/ir.

About Navitas

Navitas Semiconductor Ltd. is the industry leader in GaN Power IC’s, founded in 2014. Navitas has a strong and growing team of power semiconductor industry experts with a combined 300 years of experience in materials, devices, applications, systems and marketing, plus a proven record of innovation with over 200 patents among its founders. GaN power ICs integrate GaN power with drive, control and protection to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets. Over 120 Navitas patents are issued or pending, and over 18 million GaNFast power ICs have been shipped with zero reported field failures.

About Live Oak Acquisition Corp. II

Live Oak II raised $253 million in December 2020, and its units, Class A common stock and warrants are listed on the NYSE under the tickers “LOKB.U,” “LOKB” and LOKB WS,” respectively. Live Oak II is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Live Oak II is led by an experienced team of managers, operators and investors who have played important roles in helping build and grow profitable public and private businesses, both organically and through acquisitions, to create value for stockholders. The team has experience operating and investing in a wide range of industries, bringing a diversity of experiences as well as valuable expertise and perspective.

Cautionary Statement Regarding Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the proposed transaction, the ability of the parties to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projections of market opportunity and market share, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “plan,” “seek,” “expect,” “project,” “forecast,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Live Oak II and Navitas caution you that the forward-looking statements contained in this press release are subject to numerous risks and uncertainties, including the possibility that the expected growth of Navitas’ business will not be realized, or will not be realized within the expected time period, due to, among other things: (i) Navitas’ goals and strategies, future business development, financial condition and results of operations; (ii) Navitas’ customer relationships and ability to retain and expand these customer relationships; (iii) Navitas’ ability to accurately predict future revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; (iv) Navitas’ ability to diversify its customer base and develop relationships in new markets; (v) the level of demand in Navitas’ customers’ end markets; (vi) Navitas’ ability to attract, train and retain key qualified personnel; (vii) changes in trade policies, including the imposition of tariffs; (viii) the impact of the COVID-19 pandemic on Navitas’ business, results of operations and financial condition; (ix) the impact of the COVID-19 pandemic on the global economy; (x) the ability of Navitas to maintain compliance with certain U.S. Government contracting requirements; (xi) regulatory developments in the United States and foreign countries; and (xii) Navitas’ ability to protect its intellectual property rights. Forward-looking statements are also subject to additional risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Live Oak II is not obtained; (iii) the outcome of any legal proceedings that may be instituted against Live Oak II or Navitas following announcement of the proposed transaction; (iv) the risk that the proposed transaction disrupts Live Oak II’s or Navitas’ current plans and operations as a result of the announcement of the proposed transaction; (v) costs related to the proposed transaction; (vi) failure to realize the anticipated benefits of the proposed transaction; (vii) risks relating to the uncertainty of the projected financial information with respect to Navitas; (viii) risks related to the rollout of Navitas’ business and the timing of expected business milestones; (ix) the effects of competition on Navitas’ business; (x) the amount of redemption requests made by Live Oak II’s public stockholders; (xi) the ability of Live Oak II or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and (xii) those factors discussed in Live Oak II’s final prospectus filed with the Securities and Exchange Commission (the “SEC”) on December 4, 2020 under the heading “Risk Factors” and other documents of Live Oak II filed, or to be filed, with the SEC.

If any of the risks described above materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by our forward-looking statements. There may be additional risks that neither Live Oak II nor Navitas presently know or that Live Oak II and Navitas currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Live Oak II’s and Navitas’ expectations, plans or forecasts of future events and views as of the date of this press release. Live Oak II and Navitas anticipate that subsequent events and

developments will cause Live Oak II’s and Navitas’ assessments to change. However, while Live Oak II and Navitas may elect to update these forward-looking statements at some point in the future, Live Oak II and Navitas specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Live Oak II’s and Navitas’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. 

Important Information and Where to Find It

In connection with the proposed transaction, Live Oak II plans to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus of Live Oak II. Live Oak II also plans to file other documents and relevant materials with the SEC regarding the proposed transaction. After the Registration Statement has been cleared by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of Live Oak II. SECURITYHOLDERS OF LIVE OAK II AND NAVITAS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Stockholders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Live Oak II and Navitas once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov.

Participants in the Solicitation

Live Oak II and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Live Oak II in connection with the proposed transaction. Navitas and its officers and directors may also be deemed participants in such solicitation. Securityholders may obtain more detailed information regarding the names, affiliations and interests of certain of Live Oak II’s executive officers and directors in the solicitation by reading Live Oak II’s Annual Report on Form 10-K filed with the SEC on March 25, 2021 and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the proposed transaction when they become available. Information concerning the interests of Live Oak II’s participants in the solicitation, which may, in some cases, be different than those of Live Oak II’s stockholders generally, will be set forth in the proxy statement/prospectus relating to the proposed transaction when it becomes available.

 

Contact Information

For Navitas

Media

Graham Robertson, CMO Grand Bridges

Graham@GrandBridges.com

 

Investors

Stephen Oliver, VP Corporate Marketing & Investor Relations

ir@navitassemi.com

 

For Live Oak II

Adam J. Fishman, COO

afishman@liveoakmp.com

Navitas Semiconductor, GaNFast and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor, Ltd. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

###

Live Oak Mobility Acquisition Corp. Announces Closing of Upsized $253,000,000 Initial Public Offering

MEMPHIS, Tenn., March 4, 2021 /PRNewswire/ -- Live Oak Mobility Acquisition Corp. (the "Company"), a blank check company 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, announced today that it closed its upsized initial public offering of 25,300,000 units at $10.00 per unit, including 3,300,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the mobility and motion technology sectors, which could include but not be limited to emerging technology companies, component/material suppliers, infrastructure providers and other mobility-related services.  The Company is led by Chief Executive Officer, Richard J. Hendrix, Chief Financial Officer and President, Gary K. Wunderlich, Jr., Chief Operating Officer, Adam J. Fishman and Chairman of the Board, Bob Ferguson.

The units are listed on the New York Stock Exchange (the "NYSE") and commenced trading under the ticker symbol "LOKM.U" on March 2, 2021. Each unit consists of one share of the Company's Class A common stock and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "LOKM" and "LOKM WS," respectively.

Jefferies LLC and BofA Securities acted as the book-running managers for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by email at: dg.prospectus_request@bofa.com.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the "SEC") on March 1, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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

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.

Mobility and motion technology SPAC Live Oak Mobility Acquisition files for a $200 million IPO

Mobility and motion technology SPAC Live Oak Mobility Acquisition files for a $200 million IPO

Live Oak Mobility Acquisition, the third blank check company formed by Live Oak Merchant Partners targeting the mobility and motion technology sectors, 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-fourth of a warrant, exercisable at $11.50. Sponsor affiliate Atalaya Capital Management intends to purchase $20 million worth of units in the offering. At the proposed deal size, Live Oak Mobility Acquisition would command a market value of $250 million.

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; +15% 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; +380%) the following December.

Live Oak Mobility Acquisition was founded in 2021 and plans to list on the NYSE under the symbol LOKM.U. Jefferies and BofA Securities are the joint bookrunners on the deal.

Live Oak Acquisition Corp. Reminds Stockholders to Vote in Favor of Business Combination with Danimer Scientific

Live Oak Acquisition Corp. Reminds Stockholders to Vote in Favor of Business Combination with Danimer Scientific

GREAT FALLS, Va.--(BUSINESS WIRE)--Live Oak Acquisition Corp. (NYSE: LOAK) ("Live Oak" or the "Company"), a publicly-traded special purpose acquisition company, reminds its stockholders to vote in favor of the approval of the Company’s proposed business combination with Meredian Holdings Group, Inc., doing business as Danimer Scientific (“Danimer”), a performance polymer company specializing in bioplastic replacements for traditional petrochemical-based plastics, and the related proposals to be voted upon at the Company’s virtual special meeting scheduled to be held on December 28, 2020, as described in the Company’s proxy statement/prospectus dated December 16, 2020 (the “Proxy Statement”).

Every stockholder's vote is important, regardless of the number of shares the stockholder holds. Accordingly, Live Oak requests that each stockholder complete, sign, date and return a proxy card, if it has not already done so, to ensure that the stockholder's shares will be represented at the virtual special meeting. Stockholders which hold shares in "street name," meaning that their shares are held of record by a broker, bank or other nominee, should contact their broker, bank or nominee to ensure that their shares are voted.

In connection with the proposed transaction, Live Oak filed the Proxy Statement with the Securities and Exchange Commission (“SEC”) on December 16, 2020, and the Proxy Statement together with a notice and access instruction form or a proxy card were mailed shortly thereafter to Live Oak stockholders of record as of the close of business on December 7, 2020. Both forms contain instructions on how to attend the virtual special meeting including the URL address (https://www.cstproxy.com/liveoakacq/sm2020), along with a 12-digit control number for access.

All stockholders of record of Live Oak common stock as of the close of business on December 7, 2020 are entitled to vote their shares either in person or by proxy at the virtual special meeting. If any Live Oak stockholder has not received the Proxy Statement, such stockholder should confirm the proxy's status with their broker, or contact Morrow Sodali LLC, Live Oak's proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).

The Live Oak virtual special meeting of stockholders is scheduled to take place on December 28, 2020 at 10:00 a.m. Eastern time, exclusively via a live webcast at https://www.cstproxy.com/liveoakacq/sm2020.

Important Information and Where to Find It

In connection with the proposed business combination between Danimer and Live Oak and related transactions (the “Proposed Transactions”), Live Oak has filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a proxy statement distributed to holders of Live Oak’s common stock in connection with Live Oak’s solicitation of proxies for the vote by Live Oak’s stockholders with respect to the Proposed Transactions and other matters as described in the Registration Statement and a prospectus relating to the offer of the securities to be issued to Danimer’s stockholders in connection with the Proposed Transactions. Investors and security holders and other interested parties are urged to read the Proxy Statement, and any amendments thereto and any other documents filed with the SEC carefully and in their entirety because they contain important information about Live Oak, Danimer and the Proposed Transactions. Investors and security holders may obtain free copies of the Proxy Statement and other documents filed with the SEC by Live Oak through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: Live Oak Acquisition Corp., 774A Walker Rd., Great Falls, VA 22066.

Participants in the Solicitation

Live Oak and Danimer and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transactions. Information about the directors and executive officers of Live Oak and Danimer is set forth in the Registration Statement. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Live Oak
Live Oak was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. Live Oak is sponsored by Live Oak Sponsor Partners, LLC, a Delaware limited liability company.

About Danimer
Danimer is a performance polymer company specializing in bioplastic replacements for traditional petrochemical-based plastics. Danimer, through its principal operating subsidiaries, Meredian, Inc., Danimer Scientific, L.L.C. and Danimer Scientific Kentucky, Inc., brings together innovative technologies to deliver renewable, environmentally friendly bioplastic materials to global consumer product companies. Danimer has core competencies in fermentation process engineering, chemical engineering and polymer science. In addition, Danimer has created an extensive intellectual property portfolio to protect its innovations which, together with its technology, serves as a valuable foundation for its business and future industry collaborations.

Contacts

Investors
ir@danimer.com
Phone: 229-220-1103

Media
DanimerPR@icrinc.com

Kemira Announces Partnership with Danimer Scientific to Develop Biodegradable Coating for Paper and Board Industry

Kemira Announces Partnership with Danimer Scientific to Develop Biodegradable Coating for Paper and Board Industry

Partners evaluate Danimer Scientific’s Nodax PHA as commercial, fully biobased alternative for polyethylene to manufacture recyclable paper and board products from renewable sources

BAINBRIDGE, Ga.--(BUSINESS WIRE)--Kemira, a global leader in sustainable chemical solutions for water intensive industries, and Danimer Scientific, a leading developer and manufacturer of biodegradable materials, today announced a partnership to develop biodegradable aqueous barrier coatings for more sustainable paper and board products. The companies aim to manufacture coatings for limited commercial applications in 2021 before exploring broader production options. Coating on a paper or board product, such as a coffee cup, forms a barrier to keep moisture and grease from leaking through the cup material.

As brand owner and consumer demand for sustainable paper and board products increases, this coating and surface treatment will ensure paper and board items are fully biodegradable in soil and water. Danimer Scientific’s biopolymer, Nodax™ polyhydroxyalkanoate (PHA), is renewably sourced from the seeds of plants, such as canola and soy and is 100% biobased. A majority of paper and board products from cups to food packaging are currently coated with fossil fuel-based polyethylene, which hinders the recyclability of the products and creates plastic waste.

“Evaluating PHA is one step in realizing our biobased strategy to deliver high quality, sustainable and circular packaging solutions. Sustainability is one of the main drivers of Kemira’s long-term growth. We are dedicated to our customer’s success as we increase the value of their end-products. This partnership with Danimer Scientific will bring new biobased and circular products to markets and is an important milestone in reaching our biobased growth targets,” says Antti Matula, SVP, Global Product Lines & Business Development for Kemira Pulp&Paper.

“PHA is a proven biodegradable alternative to fossil fuel-based materials. Partnering with Kemira will enable us to expand to paper applications, delivering a repulpable and biodegradable material without sacrificing the product quality that brands and consumers expect,” says John Moore, senior vice president of business development at Danimer Scientific.

On October 5, 2020, Danimer Scientific and Live Oak Acquisition Corp. (NYSE: LOAK), a publicly-traded special purpose acquisition company, announced the entry into a definitive agreement for a business combination that will result in Danimer Scientific becoming a public company on the New York Stock Exchange. For more information on Danimer Scientific, visit www.DanimerScientific.com.

For more information on Kemira, visit www.Kemira.com.

About Kemira

Kemira is a global chemicals company serving customers in water intensive industries. We provide best suited products and expertise to improve our customers’ product quality, process and resource efficiency. Our focus is on pulp & paper, oil & gas and water treatment. In 2019, Kemira had annual revenue of around EUR 2.7 billion and over 5,000 employees. Kemira shares are listed on the Nasdaq Helsinki Ltd. www.kemira.com.

About Danimer Scientific

Danimer Scientific is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, our renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable. They return to nature instead of polluting our lands and waters. Our technology can be found in a vast array of plastic end products that people use every day. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, hot-melt adhesives and injection-molded articles, among others. We now hold more than 150 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit www.DanimerScientific.com.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding Live Oak Acquisition Corp.’s (“Live Oak”) proposed acquisition of Danimer Scientific, Live Oak’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s growth plans and strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Danimer Scientific’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Danimer Scientific. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in Live Oak’s registration statement on Form S-4, filed with the Securities and Exchange Commission (the “SEC”) on October 28, 2020, and as amended to date (the “Registration Statement”), under the heading “Risk Factors,” and other documents Live Oak has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect Danimer Scientific’s expectations, plans, or forecasts of future events and views as of the date of this press release. Danimer Scientific anticipates that subsequent events and developments will cause its assessments to change. However, while Danimer Scientific may elect to update these forward-looking statements at some point in the future, Danimer Scientific specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Danimer Scientific’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements

Important Information for Investors and Stockholders

In connection with the proposed transactions, Live Oak has filed the Registration Statement on Form S-4 with the SEC, which includes a preliminary proxy statement, to be distributed to holders of Live Oak’s common stock in connection with Live Oak’s solicitation of proxies for the vote by Live Oak’s stockholders with respect to the proposed transactions and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of the securities of Live Oak to be issued in connection with the proposed transactions. After the Registration Statement has been filed and declared effective, Live Oak will mail a definitive proxy statement, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about Live Oak, Danimer Scientific and the proposed transactions. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by Live Oak through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: Live Oak Acquisition Corp., 774A Walker Rd., Great Falls, VA 22066 or (901) 985-2865. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Live Oak and Danimer Scientific and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the proposed transactions. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is, and will be, included in the Registration Statement and other relevant materials filed, and to be filed, with the SEC regarding the proposed transactions. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

For more information, please contact:
Kemira Oyj
Mikko Pohjala, Vice President, Investor Relations
Tel: +358 40 838 0709
mikko.pohjala@kemira.com

Kemira Oyj, Americas
Tuija Pohjolainen-Hiltunen, Senior Vice President, Pulp & Paper Commercial
tuija.pohjolainen-hiltunen@kemira.com

Kemira Oyj
Antti Matula, Senior Vice President, Global Product Lines & Business Development
antti.matula@kemira.com

Danimer Scientific
Anthony Popiel
Dalton Agency
Tel: +1 (404) 876-1309
apopiel@daltonagency.com

Live Oak Acquisition Corp. II Announces Closing of Upsized $253,000,000 Initial Public Offering

Live Oak Acquisition Corp. II Announces Closing of Upsized $253,000,000 Initial Public Offering

Memphis, TN, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Live Oak Acquisition Corp. II (the “Company”), a blank check company 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, announced today that it closed its upsized initial public offering of 25,300,000 units at $10.00 per unit, including 3,300,000 units issued pursuant to the exercise by the underwriter of its over-allotment option. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies it believes have significant growth prospects with the potential to generate attractive returns for its stockholders.  The Company is led by Chief Executive Officer, Richard J. Hendrix, Chief Financial Officer, Andrea K. Tarbox, President, Gary K. Wunderlich, Jr., Chief Operating Officer, Adam J. Fishman and Chairman of the Board, John P. Amboian.

The units are listed on the New York Stock Exchange (the “NYSE”) and commenced trading under the ticker symbol “LOKB.U” on December 3, 2020. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “LOKB” and “LOKB WS,” respectively.

Jefferies LLC and BofA Securities acted as the book-running managers for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $253,000,000 (or $10.00 per unit sold in the public offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of December 7, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by email at: dg.prospectus_request@bofa.com.

A registration statement relating to these securities was declared effective by SEC on December 2, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Live Oak Acquisition Corp. II
Andrea K. Tarbox
Chief Financial Officer
(203) 858-0934
atarbox@liveoakacq.com