| Item 1.01. |
Entry into a Material Definitive Agreement. |
As previously disclosed in the Current Report on Form 8-K filed with the SEC on September 18, 2023, on
September 15, 2023, LOCC Sponsor, LLC (the “Sponsor”), the sponsor of Live Oak Crestview Climate Acquisition Corp. (the “Company”), and the Company, entered an agreement (the “Initial
Non-Redemption Agreement”) with an unaffiliated third party (the “Investor”) in exchange for the Investor agreeing not to redeem shares of the Company’s Class A common stock at the
special meeting called by the Company (the “Special Meeting”) to approve, amongst other proposals, an extension of time for the Company to consummate an initial business combination (the “Extension Amendment Proposal”) from
September 27, 2023 to January 12, 2024 (the “Extension”).
Since September 18, 2023, the Sponsor and the Company have entered
into additional agreements (the “Additional Non-Redemption Agreements” and, together with the Initial Non-Redemption Agreement, the “Non-Redemption Agreements”), in substantially the same form, with unaffiliated third parties (“Additional Investors”). Pursuant to the Non-Redemption
Agreements, the Investor and the Additional Investors have agreed not to redeem up to an aggregate of 12,488,046 shares of the Company’s Class A common stock. In exchange for the foregoing commitments not to redeem such shares, the Company
has agreed to issue or cause to be issued to the Investor and Additional Investors an aggregate of 1,135,163 shares of Class A common stock of the Company immediately following the consummation of the Company’s initial business combination
if the Investor and Additional Investors continue to hold the shares of Class A common stock through the Special Meeting. In addition, the Sponsor has agreed to surrender and forfeit to the Company for no consideration 1,135,163 shares of the
Company’s common stock held by the Sponsor immediately following the consummation of the Company’s initial business combination.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal is approved by shareholders but will increase the amount of funds that remain in the Company’s trust
account following the Special Meeting. The foregoing summary of the Non-Redemption Agreements does not purport to be complete and is qualified in its entirety by reference to the form of Non-Redemption Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 18, 2023 and which is
incorporated herein by reference.
The Sponsor and the Company may enter into additional non-redemption agreements
with one or more shareholders that agree not to redeem all or a portion of their shares of Class A common stock in connection with the Extension Amendment Proposal.
In addition, certain parties to the Non-Redemption Agreements intend to purchase additional shares of the Company’s Class A common stock on the open
market. Such purchases will be made at or below a price of $10.37 per share, and such parties will not vote such purchased shares in favor of the Extension.
Forward Looking Statements
This Current Report contains
statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the Company’s financial position, business strategy and the plans and objectives of management for future
operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. They involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these statements. Such statements can be identified by the fact that they do not relate
strictly to historical or current facts. When used in this Current Report, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a statement is not forward-looking. When the Company discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the
beliefs of, as well as assumptions made by and information currently available to, the Company’s management. Actual results and shareholders’ value will be affected by a variety of risks and factors, including, without limitation,
international, national and local economic conditions, merger, acquisition and business combination risks, financing risks, geo-political risks, acts of terror or war, and those risk factors described under
“Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2023 under “Risk Factors” section in the Definitive Proxy Statement, and in
other reports the Company files with the SEC. Many of the risks and factors that will determine these results and shareholders’ value are beyond the Company’s ability to control or predict.
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