Shares of Live Oak Acquisition Corp. (LOAK), a special purpose acquisition company, are rising more than 23 percent or $5.12 in Monday's morning trade at $27.27, after hitting a new 52-week high of $28.00.
In early October, Danimer Scientific, a bioplastics company focused on the development of biodegradable materials, and Live Oak Acquisition, said they have agreed for a business combination that would result in Danimer Scientific becoming a public company. Upon closing of the transaction, the combined company will be renamed Danimer Scientific and is expected to remain listed on the NYSE under a new ticker symbol.
The proposed business combination will be voted upon by Live Oak Acquisition stockholders at a virtual special meeting scheduled to be held today.
Live Oak Acquisition has traded in a range of $4.70 to $28.00 in the past 52 weeks.
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