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LOGISTICS INNOVATION TECHNOLOGIES CORP.

(LITTU)
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LOGISTICS INNOVATION TECHNOLOGIES CORP. : Other Events (form 8-K)

06/22/2021 | 06:02am EDT
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 of $8,917,922.

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.

© Edgar Online, source Glimpses

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Managers and Directors
Alan Gershenhorn Chairman & Chief Executive Officer
Isaac Applbaum Chief Financial Officer & Director
Chris T. Sultemeier Independent Director
Bruno Sidler Independent Director
Andrew C. Clarke Independent Director
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