Former UPS executive's SPAC Logistics Innovation Technologies files for a $400 million IPO
Logistics Innovation Technologies, a blank check company led by a former UPS executive targeting the logistics industry, filed on Friday with the SEC to raise up to $400 million in an initial public offering.
The Atlanta, GA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Logistics Innovation Technologies would command a market value of $500 million.
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.
The article Former UPS executive's SPAC Logistics Innovation Technologies files for a $400 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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