Chris T. Sultemeier - 15 Jun 2023 Form 4 Insider Report for Logistics Innovation Technologies Corp. (LITT)

Role: Director
Signature: /s/ Christina Min, Attorney-in-Fact
Issuer symbol: LITT
Transactions as of: 15 Jun 2023
Net transactions value: $0
Form type: 4
Filing time: 20 Jun 2023, 14:12:44 UTC
Previous filing: 05 Oct 2022
Next filing: 16 Aug 2023
SEC: View on sec.gov

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	-125,000	-100%	$0.000000^*	0	15 Jun 2023	Class A Common Stock	125,000		Direct	F1, F2

* 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, Chris Sultemeier forfeited to the Issuer for no consideration 125,000 shares of Class B common stock.
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.

Content

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, Chris Sultemeier forfeited to the Issuer for no consideration 125,000 shares of Class B common stock.

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.