Atlanta, GA, June 10, 2021 (GLOBE NEWSWIRE) – Logistics Innovation Technologies Corp. (LIT) today announced the price of its initial public offering of 30,000,000 units at a price of $ 10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “LITTU” from June 11, 2021. Each unit consists of one Class A common share and one third of one. redeemable warrant. , each whole warrant exercisable to purchase one Class A common share at a price of $ 11.50 per share. Once the securities comprising the Units begin to trade separately, the Class A Common Shares and Warrants are expected to be listed on Nasdaq under the symbols “LITT” and “LITTW”, respectively. The offer is scheduled to close on June 15, 2021.
LIT is a blank check company whose business object is to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies. While LIT may pursue an early business tie-up with a company in any industry or geography, LIT intends to partner with an innovation-driven company in the logistics industry, which could be a business. logistics technology or a traditional industrial player who can leverage technology to improve the efficiency of customers’ supply chains and their markets.
LIT is led by a group of accomplished executives and investment professionals with a strong track record of operating and investing in transportation, logistics and technology companies. The CEO of LIT is Alan Gershenhorn, who recently retired from his role as Executive Vice President and Chief Commercial Officer of United Parcel Service, Inc. and is currently a Senior Advisor to EIGHT VC Partners, LLC (8VC). Chris Sultemeier, former President and CEO of Walmart Transportation, LLC, Andy Clarke, former CFO of CH Robinson, Inc., and Bruno Sidler, former CEO of Panalpina Welttransport Holding AG, anchor the board of administration with expertise in the supply chain technology sector. LIT’s senior advisors include Jake Medwell, co-founder and partner of 8VC, who leads the logistics technology investment practice, and Michael McClary, CEO of Ascend Transportation, LLC and former president of Truckload Brokerage in the North Network. -American from Amazon.com, 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 sole bookrunner for the offering. LIT has granted the underwriter a 45-day option to purchase up to 4,500,000 additional units at the initial public offering price to cover over-allotments, if any.
A registration statement relating to these securities was declared effective by the United States Securities and Exchange Commission (the “SEC”) on June 10, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to purchase, nor will there be any sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of ‘such state or jurisdiction.
The offer is made only by means of a prospectus. Where available, copies of the prospectus relating to this offering may be obtained from Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, attention Equity Capital Markets, or by telephone at (212 ) 518-9544.
This press release contains statements that constitute “forward-looking statements”, in particular with regard to the initial public offering and the search for an initial business combination. No guarantee can be given that the offer discussed above will be made under the conditions described, or not at all, or that the proceeds of the offer will be used as indicated. Forward-looking statements are subject to many conditions, many of which are beyond LIT’s control, including those set out in the Risk Factors section of LIT’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. LIT assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.
Logistics Innovation Technologies Corp.