Item 8.01. Other Events.
On June 15, 2021, Logistics Innovation Technologies Corp. (the "Company")
consummated its initial public offering ("IPO") of 34,089,611 units (the
"Units"), including the issuance of 4,089,611 Units as a result of the
underwriters' exercise in part of their over-allotment option to purchase
additional Units. Each Unit consists of one share of Class A common stock of the
Company, par value $0.0001 per share (the "Class A Common Stock"), and one-third
of one redeemable warrant of the Company (each, a "Warrant"), each whole Warrant
entitling the holder thereof to purchase one share of Class A Common Stock for
$11.50 per share, subject to adjustment. The Units were sold at a price of
$10.00 per Unit, generating gross proceeds to the Company of $340,896,110.
On June 15, 2021, simultaneously with the consummation of the IPO, the Company
completed the private sale (the "Private Placement") of an aggregate of
5,361,412 warrants (the "Private Placement Warrants") to 1P Management LLC and
583,869 Private Placement Warrants to AG LIT Holdings, LLC at a purchase price
of $1.50 per Private Placement Warrant, generating gross proceeds to the Company
A total of $340,896,110, comprised of $334,078,187.80 of the proceeds from the
IPO (which amount includes $11,931,364 of the underwriters' deferred discount)
and $6,817,922.20 of the proceeds of the sale of the Private Placement Warrants,
was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A.
maintained by Continental Stock Transfer & Trust Company, acting as trustee.
An audited balance sheet as of June 15, 2021 reflecting receipt of the proceeds
upon consummation of the IPO and the Private Placement has been issued by the
Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.
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