Atlanta, GA, June 10, 2021 (GLOBE NEWSWIRE) – Logistics Innovation Technologies Corp. (“LIT”) today announced the price of its 30,000,000 units initial public offering at a price of $ 10.00 per unit. The Shares will be listed on the Nasdaq Global Market (“Nasdaq”) and will trade under the ticker symbol “LITTU” from June 11, 2021. Each share consists of one Class A common share and one-third of a redeemable warrant, with each entire warrant exercisable to purchase one Class A common share at a price of US $ 11.50 per share. After the securities making up the Units are traded separately, the Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols “LITT” and “LITTW”, respectively. The offer is expected to end on June 15, 2021.
LIT is a blank check company whose business purpose is to carry out a merger, capital exchange, asset takeover, share purchase, restructuring or similar business combination with one or more companies. While LIT may seek an initial business partnership with a company in any industry or region, LIT intends to partner with a company with a focus on innovation in the logistics industry, which may be a logistics technology company or a traditional industry player that uses technology to improve can improve the efficiency of customers’ supply chains and their markets.
LIT is led by an accomplished group of executives and investment professionals who have an extensive track record of successfully operating and investing in transportation, logistics and technology companies. LIT’s Chief Executive Officer is Alan Gershenhorn, who recently resigned from his position as Executive Vice President and Chief Commercial Officer of United Parcel Service, Inc. and is currently Senior Advisor to EIGHT VC Partners, LLC (“8VC”). Chris Sultemeier, former President and Chief Executive Officer of Walmart Transportation, LLC, Andy Clarke, former Chief Financial Officer of CH Robinson, Inc., and Bruno Sidler, former Chief Executive Officer of Panalpina Welttransport Holding AG, anchor the Board of Directors with significant expertise in the Supply chain technology. LIT senior advisors include Jake Medwell, co-founder and partner at 8VC, who leads the logistics technology investment practice, and Michael McClary, CEO of Ascend Transportation, LLC and past president of Truckload Brokerage on Amazon.com’s North American network. Inc.
8VC is a venture capital fund based in Austin, Texas. Notable investments include ContextLogic, Inc. (NASDAQ: WISH), Joby Aero, Inc., Flexport Inc., KeepTruckin, Inc., Deliverr, Inc., The Boring Company, Trackonomy Systems Inc., Project44, Inc., Beacon, Outrider Technologies, Inc., FreightWaves, Inc. and Platform Science, Inc.
Guggenheim Securities, LLC is acting as the sole bookrunner for the offering. LIT has given the lead manager a 45-day option to purchase up to a further 4,500,000 units at the market price in order to cover any over-allotments.
A registration statement relating to these securities was made effective by the US Securities and Exchange Commission (the “SEC”) on June 10, 2021. This press release does not constitute an offer, solicitation or solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale may be made prior to registration or qualification under the Any securities laws of any such state or jurisdiction would be unlawful.
The offer is made exclusively by means of a prospectus. Copies of the prospectus accompanying this offering, if available, are available from Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attn .: Equity Capital Markets, or by calling (212) 518-9544.
This press release contains statements that constitute “forward-looking statements,” including relating to the IPO and the search for an initial business combination. No assurance can be given that the offer described above will be concluded on the terms described or at all or that the proceeds of the offer will be used as stated. Forward-looking statements are subject to numerous conditions, many of which are beyond LIT’s control, including those in the Risk Factors section of LIT’s registration statement for its SEC filing. Copies are available on the SEC’s website at www.sec.gov. LIT assumes no obligation to update this statement for revisions or changes after the date of this publication, unless required by law.
Logistics Innovation Technologies Corp.