Logistics Innovation Technologies $300 million IPO
Davis Polk advised the underwriters in connection with the $300 million initial public offering of 34,089,611 units of Logistics Innovation Technologies Corp., which includes 4,089,611 units from the partial exercise of the underwriters’ over-allotment option to purchase additional units. Each unit consists of one common share and one redeemable warrant to purchase one-third common share of Logistics Innovation Technologies Corp. The units were listed on the Nasdaq Global Market under the symbol “LITTU.”
Logistics Innovation Technologies Corp. is a newly organized, special purpose acquisition company (SPAC) formed for the purpose of effecting a business combination with one or more businesses or entities. Logistics Innovation Technologies Corp. intends to pursue prospective targets in the logistics industry.
The Davis Polk corporate team included partners Derek Dostal and Deanna L. Kirkpatrick and associate Clare Conroy. The tax team included partner Mario J. Verdolini and associate Ben Levenback. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.