Logistics Innovation Technologies Corp. announced a private placement of up to 6,733,333 private placement warrants for $1.5 per warrant for a gross proceed of $10,099,999.5 on March 5, 2021. The transaction will include participation from returning investor 1P Management LLC and AG LIT Holdings, LLC. The transaction also includes an oversubscription of 800,000 warrant for $1.5 per warrant for an additional gross proceed of $1,200,000 in the aggregate if the underwriters’ option to purchase additional warrants is exercised in full. Each warrant entitles the holder thereof to purchase one share of Class A common stock at $11.50 per share, subject to adjustment and will not be redeemable. The transaction is subject to approval of board of directors of the company. The transaction will close simultaneously with the closing of public offering. The warrants will not be redeemable, transferable, assignable or salable until 30 days after the completion of initial business combination and will be entitled to registration rights.