Legato Merger II, a blank check company targeting the infrastructure, E&C, industrial and renewables industries, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. 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 seven previous SPACs. The most recent, Legato Merger, completed a merger with Algoma Steel (ASTL) 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 focus on target businesses in the infrastructure, engineering and construction (“E&C”), industrial and renewables industries.
Legato Merger II plans to list on the Nasdaq under the symbol LGTOU. EarlyBirdCapital acted as sole bookrunner on the deal.
