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Crescent Acquisition Corp Stockholders Approve Business Combination With LiveVox

Funds affiliated with Golden Gate Capital elect to roll over entire stake to further enhance LiveVox’s balance sheet

Crescent Acquisition Corp (“Crescent”),a publicly traded special purpose acquisition company, announced that its stockholders approved all proposals related to the previously announced business combination (the “Business Combination”) with LiveVox Holdings, Inc. (“LiveVox”) at a special meeting in lieu of the 2021 annual meeting of its stockholders held on June 16, 2021. Approximately 92% of the votes cast at the meeting on the Business Combination proposal, representing approximately 63% of Crescent’s outstanding shares, voted to approve the Business Combination.

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The closing of the Business Combination is anticipated to occur on or about June 18, 2021. Following the closing, the combined company will operate as LiveVox Holdings, Inc. and its shares of Class A common stock, units and warrants are expected to trade on The Nasdaq Stock Market LLC under the symbols “LVOX,” “LVOXU” and “LVOXW.”

Crescent has received elections to redeem approximately 15 million of its outstanding shares, which will leave approximately $98 million in its trust account, resulting in approximately $198 million available in the transaction, including $75 million in expected gross proceeds from a concurrent private placement and $25 million from a forward purchase agreement. As a result of such redemptions, each of Crescent and LiveVox have agreed to waive the requirement that the total cash proceeds available in the transaction equal or exceed $250,000,000. Additionally, to further enhance liquidity by increasing cash available to the combined company following the closing of the Business Combination, each of Crescent and LiveVox agreed that approximately $32 million of consideration that would have otherwise been payable as cash to funds affiliated with Golden Gate Capital pursuant to the definitive agreement relating to the Business Combination will instead be payable in the form of common stock of the combined company valued at $10.00 per share, and the cash will remain on the combined company’s balance sheet at the closing of the Business Combination.

After giving effect to the redemptions and agreements described above, the combined company expects to retain approximately $123 million, after it applies estimated fees and transaction expenses.

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