Legato Merger, a blank check company formed by SPAC veterans Eric Rosenfeld and David Sgro targeting an industrial business, raised $205 million by offering 20.5 million units at $10. The company offered 3 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.
The company is led by SPAC veterans CEO and Director David Sgro and Chief SPAC Officer Eric Rosenfeld. The pair have led six prior blank check companies: Allegro Merger (ALGR), which went public in July 2018 and liquidated following a terminated merger agreement with TGI Fridays; Harmony Merger, which went public in March 2015 and aquired NextDecade (Nasdaq: NEXT; -82% from $10 offer price) in July 2017; Quartet Merger, which went public in November 2013 and acquired Pangea Logistics Solutions (Nasdaq: PANL; -76%) in October 2014; Trio Merger, which went public in 2011 and acquired SAExploration Holdings (OTC: SAEXQ; -97%) in 2013; Rhapsody Acquisition, which went public in 2006 and acquired Primoris Corporation (Nasdaq: PRIM; +215%) in 2008; and Arpeggio Acquisition, which went public in 2004 and acquired Hill International (NYSE: HIL; -76%) in 2006.
The company plans to target businesses in the renewables, infrastructure, engineering and construction, and industrial industries.
Legato Merger plans to list on the Nasdaq under the symbol LEGOU. EarlyBirdCapital acted as a lead manager on the deal.
