Filing Summary
Business Context and Reporting Period
This Form 8-K was filed by Live Oak Acquisition Corp. II on January 21, 2021, with an earliest reported event date of January 21, 2021. The filing concerns the trading of securities issued in the company’s initial public offering. The provided metadata identifies Navitas Semiconductor Corp., but the filing’s registrant is Live Oak Acquisition Corp. II; the text does not describe Navitas Semiconductor.
Material Event
Beginning January 25, 2021, holders of the company’s units may elect to separate the units into Class A common stock and warrants. Each unit consists of one share of Class A common stock and one-third of a warrant. Each whole warrant entitles its holder to purchase one Class A common share at an exercise price of $11.50 per share.
- Units will continue trading on the New York Stock Exchange under LOKB.U.
- Separately traded Class A common stock is expected to trade under LOKB.
- Separately traded warrants are expected to trade under LOKB WS.
- No fractional warrants will be issued upon separation; only whole warrants will trade.
- Holders must have their brokers contact Continental Stock Transfer & Trust Company, the transfer agent, to separate units.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, balance-sheet data, or other operating financial metrics. It is an event report regarding security trading mechanics rather than a financial-results filing.
Guidance, Risks, and Unusual Items
No financial guidance or management outlook is provided. The principal practical consideration is that unit holders must coordinate with their brokers and the transfer agent to effect separation, and only whole warrants can be separated and traded.
Investor Verification Items
- Verify that the relevant issuer is Live Oak Acquisition Corp. II rather than Navitas Semiconductor Corp.
- Confirm the January 25, 2021 commencement date for separate trading.
- Confirm the unit composition and the $11.50 warrant exercise price.
- Confirm applicable broker and transfer-agent procedures for separating units.
- Review Exhibit 99.1, the January 21, 2021 press release, for any additional details.