Sidler Bruno 4
4 · Logistics Innovation Technologies Corp. · Filed Jun 20, 2023
Insider Transaction Report
Form 4
Sidler Bruno
Director
Transactions
- Disposition to Issuer
Class B Common Stock
2023-06-15−125,000→ 0 total→ Class A Common Stock (125,000 underlying)
Footnotes (2)
- [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, Bruno Sidler 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.