Business Wire·Nov 14, 2025, 9:00 AM ET

Teamshares, a Tech-Enabled Acquiror of High-Quality SMEs, to List on Nasdaq via Live Oak V Combination; $126 Million PIPE Led by Accounts Advised by T. Rowe Price Investment Management, Inc.

LOKV

Teamshares, a tech-enabled acquiror of small-to-medium enterprises (SMEs), entered definitive agreements to combine with Live Oak Acquisition Corp. V (NASDAQ: LOKV).
The combined entity will operate as "Teamshares Inc." and is expected to list on Nasdaq under the ticker "TMS" in the second quarter of 2026.
Teamshares acquires companies with $0.5 to $5 million in EBITDA from retiring owners, integrates them into its platform, & enables employees to earn company stock.
A $126 million common equity PIPE is anchored by T. Rowe Price Investment Management, Inc., with total potential proceeds of up to $333 million including Live Oak V's trust account (assuming no redemptions).
The transaction values the combined company at a pro forma enterprise value of $746 million, with existing shareholders rolling 100% of their equity into the public company.
Net proceeds will be used for 100% primary acquisitions to drive compounding growth, supported by a scalable platform that analyzes thousands of opportunities annually.
Teamshares currently operates subsidiaries with consolidated revenue exceeding $400 million across 40 industries & 30 states, with an average acquired company age of over 35 years.
Leading venture capital backers include Khosla Ventures & USV, alongside other investors such as Collaborative Fund, QED Investors, & Spark Capital.
Executive team members have agreed to a lockup period of up to four years, subject to early release based on performance.
Santander US Capital Markets LLC serves as financial advisor & placement agent for the PIPE, while Latham & Watkins LLP advises Teamshares & Davis Polk & Wardwell LLP advises the placement agent.
An investor conference call to discuss the transaction is scheduled for 11:00am ET on Friday, November 14, 2025.