Live Oak Acquisition Corp V (NASDAQ: LOKV) is a blank-check special purpose acquisition company (SPAC) formed to identify and complete a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more target businesses. The company raised $231,150,000 in its initial public offering, which closed February 27, 2025, with proceeds held in a U.S.-based trust account managed by Continental as trustee. LOKV has identified Teamshares as its initial business combination target and has executed a Teamshares Merger Agreement, alongside PIPE Subscription Agreements under which investors committed to purchase 13,695,652 shares of common stock at $9.20 per share for an aggregate of $126.0 million. The company must consummate its initial business combination on or before March 3, 2027, or face potential liquidation of the trust account. Management has disclosed going concern doubt in the 10-K filed March 30, 2026, and has identified material weaknesses in internal controls over financial reporting as of December 31, 2025. Santander US Capital Markets LLC served as underwriter representative and is owed a $6,900,000 deferred advisory fee upon closing.

Revenue model

LOKV generates no operating revenue. Its economic model depends entirely on completing a business combination, at which point the deferred advisory fee of $6,900,000 becomes payable to Santander US Capital Markets LLC. Sponsor and management economics are realized through founder shares and private placement warrants issued at the time of the IPO.

Products and services

Units sold in the IPO, each consisting of one Class A Ordinary Share and one-half of one Public Warrant. Private Placement Warrants issued to the Sponsor simultaneously with IPO closing. Proceeds held as marketable securities in a trust account pending a business combination.

Customers and end markets

Public shareholders who participated in the IPO. PIPE investors who committed to purchase shares at $9.20 per share in connection with the proposed Teamshares business combination. No commercial customers or end markets, as LOKV is a pre-combination SPAC.

Value-chain role

SPAC sponsor vehicle and acquisition vehicle. Live Oak Merchant Partners (LOMP) provides administrative services under an Administrative Services Agreement dated February 27, 2025. Continental acts as trustee for the trust account and warrant agent.

Geographic exposure

United States. Trust account is U.S.-based. No disclosed international operations.

Source: SEC 10-K, filed 2026-03-30

Industry: Retail-Miscellaneous Retail