Live Oak Mobility Acquisition in an 8-K said it has signed a non-binding term sheet with auto parts manufacturer one Americas.
The term sheet calls for One Americas shareholders to receive approximately $35 million in equity consideration based on an initial post-money enterprise value of approximately $115 million. The equity consideration paid to One Americas insiders is expected to be subject to a six-month lock-up. The post-closing equity value of the combined company is expected to be approximately $65 million.
Live Oak left open the possibility of liquidating if the potential merger is not completed by Nov. 30. The SPAC has agreed to assume transaction fees and expenses of approximately $13.5 million. Read more.