Item 1.01. Entry into a Material Definitive Agreement.
On June 15, 2021, Logistics Innovation Technologies Corp. (the "Company")
consummated its initial public offering ("IPO") of 34,089,611 (the "Units"),
including the issuance of 4,089,611 Units as a result of the underwriters'
exercise in part of their option to purchase additional Units (the
"Over-Allotment Option"). Each Unit consists of one share of Class A common
stock of the Company, par value $0.0001 per share ("Class A common stock"), and
one-third of one redeemable warrant of the Company ("Warrant"), with each whole
Warrant entitling the holder thereof to purchase one share of Class A common
stock for $11.50 per share, subject to adjustment. The Units were sold at a
price of $10.00 per Unit, generating gross proceeds to the Company of
$340,896,110.
In connection with the IPO, the Company entered into the following agreements,
forms of which were previously filed as exhibits to the Company's Registration
Statement on Form S-1 (File No. 333-253949) for the IPO, filed with the U.S.
Securities and Exchange Commission (the "Commission") on April 1, 2021 (the
"Registration Statement"):
? An Underwriting Agreement, dated June 10, 2021, by and between the Company and
Guggenheim Securities, LLC, the sole underwriter, a copy of which is attached
as Exhibit 1.1 hereto and incorporated herein by reference.
? A Warrant Agreement (the "Warrant Agreement"), dated June 10, 2021, by and
between the Company and Continental Stock Transfer & Trust Company, as warrant
agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated
herein by reference.
? A Letter Agreement, dated June 10, 2021 (the "Letter Agreement"), by and among
the Company, its officers, its directors, 1P Management LLC and AG LIT
Holdings, LLC, a copy of which is attached as Exhibit 10.1 hereto and
incorporated herein by reference.
? An Investment Management Trust Agreement, dated June 10, 2021, by and between
the Company and Continental Stock Transfer & Trust Company, as trustee, a copy
of which is attached as Exhibit 10.2 hereto and incorporated herein by
reference.
? A Registration Rights Agreement, dated June 10, 2021, by and among the Company,
1P Management LLC, AG LIT Holdings, LLC and the other holders party thereto, a
copy of which is attached as Exhibit 10.3 hereto and incorporated herein by
reference.
? A Private Placement Warrants Purchase Agreement, dated June 10, 2021, by and
among the Company, 1P Management LLC and AG LIT Holdings, LLC (the "Private
Placement Warrants Purchase Agreement"), a copy of which is attached as Exhibit
10.4 hereto and incorporated herein by reference.
? An Administrative Services Agreement, dated June 10, 2021, by and between the
Company and 1P Management LLC, a copy of which is attached as Exhibit 10.5
hereto and incorporated herein by reference.
Item 3.02. Unregistered Sales of Equity Securities.
Simultaneously with the closing of the IPO, pursuant to the Private Placement
Warrants Purchase Agreement, the Company completed the private sale of an
aggregate of 5,945,281 warrants (the "Private Placement Warrants") to 1P
Management LLC and AG LIT Holdings, LLC at a purchase price of $1.50 per Private
Placement Warrant, generating gross proceeds to the Company of $8,917,922. The
Private Placement Warrants are identical to the Warrants sold in the IPO, except
that the Private Placement Warrants, so long as they are held by 1P Management
LLC and AG LIT Holdings, LLC or their permitted transferees, (i) are not
redeemable by the Company except as set forth in the Warrant Agreement, (ii) may
not (including the Class A common stock issuable upon exercise of such Private
Placement Warrants), subject to certain limited exceptions, be transferred,
assigned or sold by such holders until 30 days after the completion of the
Company's initial business combination, (iii) may be exercised by the holders on
a cashless basis and (iv) will be entitled to registration rights. No
underwriting discounts or commissions were paid with respect to such sales. The
issuance of the Private Placement Warrants was made pursuant to the exemption
from registration contained in Section 4(a)(2) of the Securities Act of 1933, as
amended.
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 10, 2021, in connection with the IPO, Bruno Sidler, Chris Sultemeier and
Andrew Clarke were appointed to the board of directors of the Company (the
"Board"). Messrs. Sidler, Sultemeier and Clarke are independent directors.
Effective June 10, 2021, Messrs. Sidler, Sultemeier and Clarke were also
appointed to the Board's (i) Audit Committee, with Mr. Clarke serving as chair
of the Audit Committee and (ii) Compensation Committee, with Mr. Sidler serving
as chair of the Compensation Committee.
Following the appointment of Messrs. Sidler, Sultemeier and Clarke, the Board is
comprised of the following three classes: the term of office of the first class
of directors, Class I, consists of Mr. Sidler and will expire at the Company's
first annual meeting of stockholders; the term of office of the second class of
directors, Class II, consists of Messrs. Sultemeier and Clarke and will expire
at the Company's second annual meeting of stockholders; and the term of office
of the third class of directors, Class III, consists of Messrs. Gershenhorn and
Applbaum and will expire at the Company's third annual meeting of stockholders.
On June 10, 2021, in connection with their appointments to the Board, each
director entered into the Letter Agreement as well as an indemnity agreement
with the Company in the form previously filed as Exhibit 10.5 to the
Registration Statement.
Other than the foregoing, none of the directors are party to any arrangement or
understanding with any person pursuant to which they were appointed as
directors, nor are they party to any transactions required to be disclosed under
Item 404(a) of Regulation S-K involving the Company.
The foregoing descriptions of the Letter Agreement and the form of indemnity
agreement do not purport to be complete and are qualified in their entireties by
reference to the Letter Agreement and form of indemnity agreement, copies of
which are attached as Exhibit 10.1 hereto and Exhibit 10.5 to the Registration
Statement, respectively, and are incorporated herein by reference.
Item 5.03. Amendments to Certificate of Incorporation or Bylaws.
On June 10, 2021, in connection with the IPO, the Company adopted its Amended
and Restated Certificate of Incorporation (the "Amended Charter"), effective the
same day. The terms of the Amended Charter are set forth in the Registration
Statement and are incorporated herein by reference. A copy of the Amended
Charter is attached as Exhibit 3.1 hereto and incorporated herein by reference.
Item 8.01. Other Events.
A total of $340,896,110, comprised of $334,078,188 of the proceeds from the IPO
(which amount includes $11,931,364 of the underwriter's deferred discount) and
$8,917,922 of the proceeds of the sale of the Private Placement Warrants, was
placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A. maintained
by Continental Stock Transfer & Trust Company, acting as trustee. Except with
respect to interest earned on the funds held in the trust account that may be
released to the Company to pay its taxes, the funds held in the trust account
will not be released from the trust account until the earliest of (i) the
completion of the Company's initial business combination, (ii) the redemption of
any shares of Class A common stock included in the Units sold in the IPO
("public shares") properly tendered in connection with a stockholder vote to
amend the Company's Amended Charter to modify the substance or timing of the
Company's obligation to allow redemption in connection with its initial business
combination or to redeem 100% of the public shares if the Company does not
complete its initial business combination within 24 months from the closing of
the IPO or with respect to any other material provisions relating to
stockholders' rights or pre-initial business combination activity and (iii) the
redemption of the public shares if the Company is unable to complete an initial
business combination within 24 months from the closing of the IPO, subject to
applicable law.
On June 10, 2021, the Company issued a press release announcing the pricing of
the IPO, a copy of which is attached as Exhibit 99.1 to this Current Report on
Form 8-K.
On June 15, 2021, the Company issued a press release announcing the closing of
the IPO and the exercise by the underwriter of the Over-Allotment Option for
4,089,611 additional Units, a copy of which is attached as Exhibit 99.2 to this
Current Report on Form 8-K.
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