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Legato Merger Corp. (Nasdaq: LEGO) and Algoma Steel Group Inc. have announced the approval of their merger, with approximately 92% of stockholders voting in favor. The merger is expected to close during the week of October 18, 2021, following the fulfillment of closing conditions. After closing, Algoma shares (new symbol: ASTL) will trade on Nasdaq and the Toronto Stock Exchange. Algoma, a leading steel producer in Canada, boasts a production capacity of 2.8 million tons per year and has made significant improvements to enhance profitability.
Legato Merger Corp. (Nasdaq: LEGOU) has scheduled a Special Meeting of Stockholders for October 14, 2021, at 11:00 a.m. EST. Stockholders of record as of August 18, 2021, can vote on the proposed business combination with Algoma Steel Group Inc., a Canadian producer of hot and cold rolled steel products with a capacity of 2.8 million tons per year. Algoma has modernized its facilities and is focused on cost-cutting and operational improvements to enhance long-term profitability.
Algoma Steel has entered into a merger agreement with Legato Merger Corp. (NASDAQ: LEGO, LEGOU), resulting in Algoma becoming a publicly listed company. The all-stock transaction values the combined entity at an enterprise value of approximately $1.7 billion, with a significant investment capital of $306 million expected to enhance Algoma's operational capacity, including a shift towards electric arc steelmaking, potentially reducing carbon emissions by 70%. Closing is anticipated in Q3 2021, pending shareholder approvals.
Legato Merger Corp. (NASDAQ: LEGOU) announced that starting March 4, 2021, holders of its IPO units may separately trade the company's common stock and warrants. The common stock will trade under the symbol 'LEGO', and the warrants will trade as 'LEGOW'. Units that remain intact will continue to trade as 'LEGOU'. The company, formed for the purpose of merging or acquiring businesses, aims to focus on the renewables, infrastructure, engineering, and industrial sectors. EarlyBirdCapital, Inc. was the sole book-running manager for the IPO completed in January 2021.
On January 25, 2021, Legato Merger Corp. (NASDAQ: LEGOU) announced the completion of an additional sale of 3,075,000 units as part of its IPO, generating $30,750,000 in gross proceeds. The total funds raised now amount to $235,750,000, placed in trust at $10.00 per share. Each unit comprises one share of common stock and one warrant, with expectations to trade separately under symbols "LEGO" for common stock and "LEGOW" for warrants. The offering was managed by EarlyBirdCapital, Inc., with SEC registration effective on January 19, 2021.
Legato Merger Corp. (NASDAQ: LEGOU) completed its upsized IPO, raising $205 million by issuing 20.5 million units at $10 each. Each unit includes one share of common stock and a warrant priced at $11.50. The units began trading on Nasdaq on January 20, 2021, with common stock and warrants expected to trade under the symbols 'LEGO' and 'LEGOW' respectively. The underwriters also have a 45-day option for an additional 3.075 million units. Legato aims to pursue mergers or acquisitions within the renewables and industrial sectors.
Legato Merger Corp. (NASDAQ: LEGOU) has announced the pricing of its upsized initial public offering, consisting of 20,500,000 units priced at $10.00 each. The units will list on Nasdaq starting January 20, 2021, and each unit includes one share of common stock and one warrant at an exercise price of $11.50. EarlyBirdCapital, Inc. is the sole book-running manager, with I-Bankers Securities, Inc. as co-manager. A 45-day over-allotment option for an additional 3,075,000 units has been granted to underwriters. Legato aims to pursue a merger or acquisition primarily in the renewables and industrial sectors.
