Logistics Innovation Technologies, a blank check company led by a former UPS executive targeting the logistics industry, raised $300 million by offering 30 million units at $10. The company offered 5 million fewer units than anticipated. It originally planned to offer 40 million units before lowering the deal size in April. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol LITTU. Guggenheim Securities acted as a lead manager on the deal.
