Legato Merger III, a blank check company targeting the infrastructure, E&C, industrial and renewables industries, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by SPAC veterans Vice Chairman David Sgro and Chief SPAC Officer Eric Rosenfeld, who have led eight previous SPACs. The most recent include Legato Merger II, which merged with construction company Southland Holdings (SLND; -52% from $10 offer price) in February 2023, and Legato Merger, which merged with Canadian steel producer Algoma Steel (ASTL; -17%) in October 2021. They are joined by CEO and Director Gregory Monahan, who is Senior Managing Director of Crescendo Partners, and Chairman Brian Pratt. The company intends to target businesses in the infrastructure, engineering and construction ("E&C"), industrial, and renewables industries.
Legato Merger III plans to list on the NYSE American under the symbol LEGT.U. BTIG acted as sole bookrunner on the deal.
