Logistics Innovation Technologies Corp. Announces Redemption of Shares
26 Maio 2023 - 6:19PM
Logistics Innovation Technologies Corp. (NASDAQ: LITT) (the
“Company”) today announced that its board of directors (the
“Board”) has determined to redeem all of its outstanding shares of
Class A common stock (the “Public Shares”), effective as of the
close of business on June 15, 2023, because the Company will not
consummate an initial business combination within the time period
required by its amended and restated certificate of incorporation
(the “COI”).
Pursuant to the COI, if the Company does not
consummate an initial business combination by June 15, 2023, the
Company will: (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to
us to pay our taxes (less up to $100,000 of interest to pay
dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public
stockholders’ rights as public stockholders (including the right to
receive further liquidating distributions, if any) and (iii) as
promptly as reasonably possible following such redemption, subject
to the approval of our remaining stockholders and the Board,
liquidate and dissolve, subject, in each case, to the Company’s
obligations under Delaware law to provide for claims of creditors
and the requirements of other applicable law.
The Company anticipates that the last day of
trading in the Company’s Public Shares will be June 15, 2023 and
that, as of the close of business on June 15, 2023, the Public
Shares will be suspended from trading, will be deemed cancelled and
will represent only the right to receive the per-share redemption
price for the Public Shares to be announced at a later date (the
“Redemption Amount”).
The Redemption Amount will be payable to the
holders of the Public Shares upon presentation of their respective
share or unit certificates or other delivery of their shares or
units to the Company’s transfer agent, Continental Stock Transfer
& Trust Company. Beneficial owners of Public Shares held in
“street name,” however, will not need to take any action in order
to receive the Redemption Amount.
There will be no redemption rights or
liquidating distributions with respect to the Company’s warrants.
The Company’s initial stockholders have waived their redemption
rights with respect to the outstanding Class B ordinary shares
issued prior to the Company’s initial public offering.
The Company expects that The Nasdaq Stock Market
LLC will file a Form 25 with the U.S. Securities and Exchange
Commission (the “SEC”) to delist its securities. The Company
thereafter expects to file a Form 15 with the SEC to terminate the
registration of its securities under the Securities Exchange Act of
1934, as amended.
Forward Looking-Statements
This press release may include “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements, including, without limitation, the redemption of the
Company’s public shares. When used in this press release, words
such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to us or our management team,
identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as
assumptions made by, and information currently available to, the
Company’s management. Actual results could differ materially from
those contemplated by the forward-looking statements as a result of
certain factors detailed in the Company’s filings with the SEC. All
subsequent written or oral forward-looking statements attributable
to us or persons acting on our behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s latest Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Investor Contact:
Logistics Innovation Technologies Corp.(731) 723-3141
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