Recent developments focus on the planned business combination with Teamshares, including acquisition of new EBITDA, PIPE financing, regulatory filings, and investor events ahead of the anticipated Nasdaq listing.

• Teamshares acquired $15 million of new EBITDA in Q4 2025 ahead of the anticipated Nasdaq listing via Live Oak V combination [N2].
• Live Oak V submitted a confidential S-4 registration statement for the anticipated Teamshares Nasdaq listing in December 2025 [N3].
• A $126 million PIPE financing led by accounts advised by T. Rowe Price Investment Management, Inc. was completed in connection with the Teamshares listing via Live Oak V combination [N4].
• Teamshares planned an investor day on March 31, 2026, ahead of the anticipated Nasdaq listing [N1].

The business combination with Teamshares offers access to a diversified portfolio of over 40 industries and 30 states, with consolidated revenue exceeding $400 million. Teamshares' model of acquiring companies from retiring owners and integrating them with a technology platform to enable employee ownership may create a scalable and sustainable growth platform. The $126 million PIPE financing led by reputable institutional investors provides capital support. The earnout structure aligns incentives for share price appreciation. The management team's prior SPAC experience and network may facilitate successful integration and value creation.

As a blank check company, Live Oak V has no operating revenues and depends entirely on completing its initial business combination. The transaction is subject to customary closing conditions, including shareholder and regulatory approvals, and there is risk that the combination may not close by the March 2027 deadline, which would trigger liquidation. The net loss and limited cash outside the trust account may constrain operational flexibility. The earnout shares are contingent on share price targets that may not be met. The combined entity's success depends on Teamshares' ability to execute its acquisition and integration strategy in a competitive environment. Potential dilution from warrants and PIPE securities may affect shareholder value.

Live Oak Acquisition Corp. V itself is a blank check company without operating history or proprietary products. Its potential competitive advantage lies in the operational and investment experience of its management team and senior advisor, who have prior successful SPAC transactions and extensive networks for sourcing acquisition opportunities. The planned business combination with Teamshares brings a platform that acquires and integrates high-quality SMEs across diverse industries, leveraging technology to enable employee ownership. The moat for the combined entity will depend on Teamshares' defensible market position, diversified portfolio, and ability to generate substantial free cash flow, as well as the management team's ability to execute growth strategies post-combination.

• Business Combination Completion Risk: The company must complete its initial business combination by March 3, 2027, or earlier if approved, or it will liquidate and return funds to shareholders, which may result in loss of investment if the combination does not close [S1].
• Operational and Execution Risk: Live Oak V has no operating revenues and depends on the successful integration and growth of Teamshares post-combination. The management team's assessment of the target's management and business risks may not prove accurate [S1].
• Market and Competitive Risk: The combined entity will operate in a competitive environment with other acquirers and financial sponsors. The ability to source and integrate attractive acquisition targets is critical [S1].
• Financial Risk: The company reported a net loss of $16.5 million for 2025 and has limited cash outside the trust account. The trust account funds are subject to claims by creditors and potential reductions [S1].
• Share Price and Earnout Risk: Earnout shares are contingent on achieving specified share price targets over five years, which may not be attained, affecting potential equity incentives and founder share vesting [S1].

• Live Oak Acquisition Corp. V (Live Oak V) is a blank check company formed on November 27, 2024, as a Cayman Islands exempted company for the purpose of effecting a business combination with one or more businesses or entities [S1].
• The company completed its Initial Public Offering (IPO) on March 3, 2025, raising $23 million from 23 million units sold at $10 per unit, plus $4.5 million from private placement warrants to its sponsor [S1].
• Live Oak V has no operating revenues to date and does not expect to generate operating revenues until consummation of its initial business combination [S1].
• The company focuses on acquiring businesses with enterprise values between $500 million and $2 billion that have significant growth prospects, substantial free cash flow generation, and defensible market positions, where its management team can add value [S1].
• The management team and senior advisor have extensive experience with prior SPACs and business combinations, including successful transactions with Live Oak Acquisition Corp. and Live Oak Acquisition Corp. II [S1].
• Live Oak V entered into a definitive merger agreement with Teamshares on November 14, 2025, a tech-enabled acquiror of high-quality small and medium enterprises (SMEs) with consolidated revenue over $400 million across 40 industries and 30 states [S1].
• The Teamshares business combination involves a merger where Teamshares will become a wholly owned subsidiary of Live Oak V, with total merger consideration valued at $525 million plus interim financing converted to common stock, with shares valued at $10 each [S1].
• Additional earnout shares up to 6 million common shares are contingent on share price targets over a five-year period post-closing, with acceleration upon qualifying change of control [S1].
• The company has agreed to an equity incentive plan post-closing providing for awards equal to 5% of the issued and outstanding common stock immediately after closing [S1].
• Live Oak V had cash and cash equivalents of $1,329,433 and current assets of $1,416,813 against current liabilities of $1,111,287 as of December 31, 2025, resulting in a current ratio of 1.27 and a cash ratio of 1.2 [S1].
• The company reported a net loss of $16,495,381 for the fiscal year ended December 31, 2025 [S1].
• Live Oak V has a trust account holding approximately $231 million from the IPO proceeds, which will be used to fund the business combination and redemptions [S1].
• The company must complete its initial business combination by March 3, 2027, or earlier if approved by the board or shareholders, or it will liquidate and return funds to shareholders [S1].
• The business combination with Teamshares is subject to customary closing conditions including shareholder approvals, regulatory approvals, Nasdaq listing approval, and minimum cash requirements of $120 million plus transaction financing [S1].
• Teamshares operates as a part holding company and part financial technology platform that acquires companies with $0.5 to $5 million EBITDA from retiring owners and integrates them with its platform to help employees earn company stock [S1].
• Recent news highlights include Teamshares acquiring $15 million of new EBITDA in Q4 2025 ahead of the anticipated Nasdaq listing via Live Oak V combination [N2].
• Live Oak V submitted a confidential S-4 registration statement for the anticipated Teamshares Nasdaq listing in December 2025 [N3].
• A $126 million PIPE financing led by accounts advised by T. Rowe Price Investment Management, Inc. was completed in connection with the Teamshares listing via Live Oak V combination [N4].
• Teamshares planned an investor day on March 31, 2026, ahead of the anticipated Nasdaq listing [N1].