Logistics Innovation Technologies priced its IPO of 30 million units at $10 each, down from the 35 million units cited in an amended S-1 in April. The new SPAC initially registered in March to offer 40 million units.
Units begin trading on the Nasdaq today under LITTU. Each consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable at $11.50 for a share.
After the securities comprising the units begin separate trading, shares and warrants are expected to list under LITT and LITTW, respectively.
The offering is expected to close June 15.
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,” management said in a statement. Read more.
