Read the full article on our portfolio company, Teamshares.
----
Teamshares, a Tech-Enabled Acquiror of High-Quality SMEs, to List on Nasdaq via Live Oak V Combination; $126 Million PIPE Led by Accounts Advised by T. Rowe Price Investment Management, Inc.
NEW YORK--(BUSINESS WIRE)--Teamshares Inc. (“Teamshares” or the “Company”), a tech-enabled acquiror of high-quality small-to-medium size enterprises (“SMEs”), and Live Oak Acquisition Corp. V (NASDAQ: LOKV) (“Live Oak” or “Live Oak V”), a publicly traded special purpose acquisition company sponsored by Live Oak Merchant Partners, announced today that they have entered into definitive agreements relating to a business combination (“Business Combination”), intending to accelerate Teamshares’ growth as a public company. At closing, the combined company will operate as “Teamshares Inc.” and is expected to be listed on Nasdaq under ticker “TMS.”
In connection with the Business Combination, the parties have also entered into subscription agreements for $126 million of committed common equity PIPE financing from accounts advised by T. Rowe Price Investment Management, Inc. and other institutional investors, with the potential for up to $237 million in additional gross proceeds from amounts held in the trust account of Live Oak V, assuming no redemptions and prior to accounting for transaction expenses.
“We are proud to partner with Teamshares and look forward to supporting the Company as it accesses the public capital markets. As a tech-enabled acquiror of high-quality SMEs, Teamshares will benefit immediately from a lowered cost and more ready access to capital,” said Richard Hendrix, Chairman and CEO of LOKV and co-founder of Live Oak Merchant Partners. “The Teamshares business model allows them to reinvest free cash flow from their operating subsidiaries into attractively priced additional acquisitions providing a long-term compounding pathway that we believe will create tremendous shareholder value.”
“With family succession becoming rarer and not enough buyers, retiring owners face a 70% failure rate when trying to sell. Teamshares is a scalable platform that helps owners retire, businesses grow, and employees earn stock. We aim to be the permanent home for thousands of high-quality businesses going through ownership transitions. We are proud to partner with Live Oak and other investors to accelerate our entry in the public markets and scale as a market-defining leader,” said Co-founder & CEO Michael Brown.
