Atlanta, GA , June 10, 2021 (GLOBE NEWSWIRE) — Logistics Innovation Applied sciences Corp. (“LIT”) introduced immediately the pricing of its preliminary public providing of 30,000,000 models at a value of $10.00 per unit. The models shall be listed on the Nasdaq World Market (“Nasdaq”) and commerce below the ticker image “LITTU” starting on June 11, 2021. Every unit consists of 1 share of Class A standard inventory and one-third of 1 redeemable warrant, with every complete warrant exercisable to buy one share of Class A standard inventory at a value of $11.50 per share. After the securities comprising the models start separate buying and selling, the shares of Class A standard inventory and warrants are anticipated to be listed on Nasdaq below the symbols “LITT” and “LITTW,” respectively. The providing is anticipated to shut on June 15, 2021.
LIT is a clean verify firm whose enterprise objective is to impact a merger, capital inventory alternate, asset acquisition, inventory buy, reorganization or related enterprise mixture with a number of companies. Whereas LIT might pursue an preliminary enterprise mixture with an organization in any sector or geography, LIT intends to companion with an organization targeted on innovation within the logistics trade, which could possibly be a logistics know-how firm or a standard trade participant that may leverage know-how to enhance the effectivity of buyer provide chains and their markets.
LIT is led by an achieved group of executives and funding professionals with in depth observe data of efficiently working and investing in transportation, logistics and know-how companies. The Chief Govt Officer of LIT is Alan Gershenhorn who lately retired from his place as Govt Vice President and Chief Business Officer of United Parcel Service, Inc. and is at present a senior advisor to EIGHT VC Companions, LLC (“8VC”). Chris Sultemeier, former President and Chief Govt Officer of Walmart Transportation, LLC, Andy Clarke, former Chief Monetary Officer of C.H. Robinson, Inc., and Bruno Sidler, former Chief Govt Officer of Panalpina Welttransport Holding AG, anchor the Board of Administrators with important experience within the provide chain know-how sector. Senior advisors to LIT embody Jake Medwell, Co-Founder and Associate at 8VC, who leads the logistics know-how investing observe, and Michael McClary, CEO of Ascend Transportation, LLC and former President of Truckload Brokerage within the North American community of Amazon.com, Inc.
8VC is a enterprise capital fund primarily based in Austin, Texas. Notable investments embody ContextLogic, Inc. (NASDAQ: WISH), Joby Aero, Inc., Flexport Inc., KeepTruckin, Inc., Deliverr, Inc., The Boring Firm, Trackonomy Methods Inc., Project44, Inc., Beacon, Outrider Applied sciences, Inc., FreightWaves, Inc. and Platform Science, Inc.
Guggenheim Securities, LLC is appearing as the only bookrunner for the providing. LIT has granted the underwriter a 45-day choice to buy as much as a further 4,500,000 models on the preliminary public providing value to cowl over-allotments, if any.
A registration assertion relating to those securities was declared efficient by the U.S. Securities and Alternate Fee (the “SEC”) on June 10, 2021. This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of those securities in any state or jurisdiction wherein such provide, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction.
The providing is being made solely via a prospectus. When obtainable, copies of the prospectus referring to this providing could also be obtained from Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attn.: Fairness Capital Markets, or by phone at (212) 518-9544.
Ahead Wanting Statements
This press launch incorporates statements that represent “forward-looking statements,” together with with respect to the preliminary public providing and seek for an preliminary enterprise mixture. No assurance could be on condition that the providing mentioned above shall be accomplished on the phrases described, or in any respect, or that the proceeds of the providing shall be used as indicated. Ahead-looking statements are topic to quite a few situations, lots of that are past the management of LIT, together with these set forth within the Threat Elements part of LIT’s registration assertion for the preliminary public providing filed with the SEC. Copies can be found on the SEC’s web site, www.sec.gov. LIT undertakes no obligation to replace these statements for revisions or adjustments after the date of this launch, besides as required by legislation.
Logistics Innovation Applied sciences Corp.