Alan Gershenhorn - Jun 15, 2023 Form 4 Insider Report for Logistics Innovation Technologies Corp. (LITT)

Role
CEO and Chairman, Director
Signature
/s/ Christina Min, Attorney-in-Fact
Stock symbol
LITT
Transactions as of
Jun 15, 2023
Transactions value $
$0
Form type
4
Date filed
6/20/2023, 02:10 PM
Previous filing
May 19, 2023
Next filing
May 17, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LITT Class B Common Stock Disposed to Issuer $0 -842K -100% $0.00 1 Jun 15, 2023 Class A Common Stock 842K See Footnote F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On May 26, 2023, the Issuer announced that its board of directors had determined to redeem all of its outstanding shares of Class A common stock sold in the Issuer's initial public offering (the "Public Shares"), effective as of June 15, 2023, because the Issuer will not be able to consummate an initial business combination within the time period required by its amended and restated certificate of incorporation. As of the close of business on June 15, 2023, the Public Shares were deemed cancelled and represented only the rights to receive the per-share redemption price. In connection with the redemption of the Public Shares and anticipated dissolution of the Issuer, on June 15, 2023, AG LIT Holdings, LLC ("AG LIT") forfeited to the Issuer for no consideration 842,202 shares of Class B common stock and 583,869 warrants.
F2 The shares of Class B common stock are convertible for shares of the Issuer's Class A common stock as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333- 253949) (the "Registration Statement") and have no expiration date.
F3 AG LIT Holdings, LLC ("AG LIT") is the record holder of the securities reported herein. Alan Gershenhorn is the manager of AG LIT and has sole voting and investment discretion with respect to the securities held of record by AG LIT.