Teamshares completes business combination with Live Oak Acquisition Corp. V

Key facts

• Business combination completed on June 18, 2026
• 73,660,538 shares of common stock issued and outstanding as of the Closing Date
• Trading began on Nasdaq on June 23, 2026 under ticker symbols TMS and TMSWW
• Per Share Price of the Business Combination determined to be $10.00
• Conversion Ratio calculated as 4.510
• Forward Purchase Agreement for OTC Equity Prepaid Forward Transaction with prepayment amount of $42.2 million based on Initial Price of $10.56
• Up to 6,000,000 Earnout Shares available to Earnout Participants based on achievement of share price targets of $12.00, $15.00, or $20.00 per share during five-year Earnout Period
• 1,674,765 unvested Deferred Founder Shares and Incentive Founder Shares subject to forfeiture if certain stock price thresholds are not achieved
• KPMG LLP engaged as independent registered public accounting firm, effective June 18, 2026
• PIPE Investment of $126.5 million at $9.20 per share completed with 13,750,000 shares purchased

Why it matters

The completion of the business combination transforms Live Oak from a shell company into an operating company, with Teamshares' tech-enabled platform for acquiring small-to-medium sized businesses and facilitating employee ownership now public. The combined company is positioned to access public capital markets for growth funding and employee equity incentives.

Developing story

• 25-NSEJun 22, 2026
• 8-KJun 25, 2026this filing

Share