Logistics Innovation Technologies, a blank check company led by a former UPS executive targeting the logistics industry, lowered the proposed deal size for its upcoming IPO on Thursday.
The Atlanta, GA-based company now plans to raise $350 million by offering 35 million units at $10. The company had previously filed to offer 40 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Logistics Innovation Technologies will raise -13% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Alan Gershenhorn, who spent nearly four decades at UPS (NYSE: UPS), most recently serving as Chief Commercial Officer, and CFO and Director Isaac Applbaum, co-founder and Partner at Israel-focused investment fund MizMaa and co-founder of senior-oriented business Secure and blockchain technologies company SecureKey. The company plans to target the logistics industry, including both traditional industry players and technology companies that can leverage technology to improve the efficiency of customer supply chains and their markets.
Logistics Innovation Technologies was founded in 2021 and plans to list on the Nasdaq under the symbol LITTU. Guggenheim Securities is the sole bookrunner on the deal.
