Logistics Innovation Technologies Corp. Announces Pricing of $300 Million Initial Public Offering
11 June 2021 - 8:41AM
Logistics Innovation Technologies Corp. (“LIT”) announced today the
pricing 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"
beginning on June 11, 2021. Each unit consists of one share
of Class A common stock and one-third of one redeemable warrant,
with each whole warrant exercisable to purchase one share of Class
A common stock at a price of $11.50 per share. After the
securities comprising the units begin separate trading, the shares
of Class A common stock and warrants are expected to be listed on
Nasdaq under the symbols "LITT" and "LITTW," respectively. The
offering is expected to close on June 15, 2021.
LIT is a blank check company whose business
purpose is to effect a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While LIT may pursue
an initial business combination with a company in any sector or
geography, LIT intends to partner with a company focused on
innovation in the logistics industry, which could be a logistics
technology company or a traditional industry player that can
leverage technology to improve the efficiency of customer supply
chains and their markets.
LIT is led by an accomplished group of
executives and investment professionals with extensive track
records of successfully operating and investing in transportation,
logistics and technology businesses. The Chief Executive Officer of
LIT is Alan Gershenhorn who recently retired from his position 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 Chief
Executive Officer of Walmart Transportation, LLC, Andy Clarke,
former Chief Financial Officer of C.H. 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 sector. Senior advisors to
LIT include Jake Medwell, Co-Founder and Partner at 8VC, who leads
the logistics technology investing practice, and Michael McClary,
CEO of Ascend Transportation, LLC and former President of Truckload
Brokerage in the North American network of 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 the sole
bookrunner for the offering. LIT has granted the underwriter a
45-day option to purchase up to an additional 4,500,000 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 U.S. Securities and
Exchange Commission (the "SEC") on June 10, 2021. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
The offering is being made only by means of a
prospectus. When available, copies of the prospectus relating to
this offering may be obtained from Guggenheim Securities, LLC, 330
Madison Avenue, New York, New York 10017, Attn.: Equity Capital
Markets, or by telephone at (212) 518-9544.
Forward Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the initial public offering and search for an initial business
combination. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of LIT, including those set forth
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 undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contacts
Investor Contact:
Logistics Innovation Technologies Corp.(678)
954-4822
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