Live Oak Acquisition Corp. (NASDAQ:LOAK) announced in an 8-K this afternoon that its shareholders approved its combination with Danimer Scientific, a company creating environmentally responsible and natural alternative solutions to traditional petroleum-based resins. The Company’s signature polymer, NodaxÔ PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic produced using canola oil as a primary feedstock. NodaxÔ PHA is the first PHA polymer to be certified as marine degradable, the highest standard of biodegradability, which verifies the material will fully degrade in ocean water without leaving behind harmful microplastics.
Redemption details were not released, but upon completion of the transaction, the Company and Danimer expect the Business Combination to close on December 29, 2020. On December 30, 2020, the combined company’s common stock and warrants are expected to begin trading on the New York Stock Exchange under the new ticker symbols “DNMR” and “DNMR.WS,” respectively.