Corporate ActionMay 6, 2026, 05:32 PM
Legato Merger III Extends Einride Merger Deadline; $35.7M Redemptions
AI Summary
Legato Merger Corp. III shareholders approved an extension proposal at an extraordinary general meeting on May 5, 2026, allowing the company to extend the deadline for its business combination with Einride AB by up to three months, until August 8, 2026. In connection with the meeting, holders of 3,233,391 public shares exercised their redemption rights, totaling approximately $35.7 million, or $11.04 per share. Following these redemptions, 16,891,609 public shares remain outstanding, and $506,748.27 has been deposited into the trust account for the first monthly extension. The company continues to pursue the business combination with Einride.
Key Highlights
- Shareholders approved the Extension Proposal at the extraordinary general meeting.
- Company can extend the business combination deadline monthly for up to 3 months, until August 8, 2026.
- 3,233,391 public shares were redeemed for approximately $35.7 million.
- Redemption value was approximately $11.04 per share.
- 16,891,609 public shares remain outstanding after redemptions.
- $506,748.27 was deposited into the trust account for the first monthly extension.
- The extension requires $0.03 per public share per month to be deposited into the trust account.
- A quorum of 21,845,115 ordinary shares was represented at the meeting.