Live Oak Crestview Climate Acquisition in an 8-K said its sponsor signed a non-redemption agreement with an unaffiliated third party who agreed not to redeem the lesser amount of 231,023 shares or 9.9% of the shares outstanding that are not to be redeemed.
In exchange, the SPAC agreed to issue 21,000 shares of Class A stock to the investor immediately following the completion of a business combination. The SPAC’s sponsor will surrender 21,000 shares to cover the agreement.
Live Oak Crestview raised $200 million in a September 2021 IPO.
The SPAC is asking shareholders to approve a termination extension on its deadline from Sept. 27 to Jan. 12, 2024. Read more.
