Legato Merger Corp. Announces Pricing of Upsized $205,000,000 Initial Public Offering

Rhea-AI Summary

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.

Positive

• Successful pricing of an upsized initial public offering could enhance market perception.
• Focus on acquiring businesses in high-growth sectors like renewables and infrastructure.

Negative

• The offering may lead to shareholder dilution if the over-allotment option is exercised.

New York, NY, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Legato Merger Corp.(NASDAQ: LEGOU) (the “Company”) announced today that it priced its upsized initial public offering of 20,500,000 units at $10.00 per unit.  The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “LEGOU” beginning January 20, 2021.  Each unit consists of one share of common stock and one warrant to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on Nasdaq under the symbols “LEGO” and “LEGOW,” respectively.

EarlyBirdCapital, Inc. is acting as the sole book running manager for the offering. I-Bankers Securities, Inc. is acting as co-manager.  The Company has granted the underwriters a 45-day option to purchase up to an additional 3,075,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Investor Relations, 212-661-0200. Copies are also available on the Securities and Exchange Commission’s website, www.sec.gov.

Registration statements relating to these securities have been declared effective by the Securities and Exchange Commission on January 19, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Legato Merger Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although the Company currently intends to focus on target businesses in the renewables, infrastructure, engineering and construction and industrial industries.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties.  Forward looking statements are statements that are not historical facts.  Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.  The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:
David D. Sgro
Chief Executive Officer 
Legato Merger Corp.
212-319-7676

FAQ

What is the purpose of Legato Merger Corp.'s IPO?

Legato Merger Corp. aims to raise capital for potential mergers and acquisitions in various sectors, including renewables and infrastructure.

When will LEGOU start trading on Nasdaq?

LEGOU is set to begin trading on Nasdaq on January 20, 2021.

What is included in each unit of LEGOU's IPO?

Each unit consists of one share of common stock and one warrant to purchase an additional share at $11.50.

Who is managing the IPO for Legato Merger Corp.?

EarlyBirdCapital, Inc. is the sole book-running manager, with I-Bankers Securities, Inc. as co-manager.

What risks are associated with Legato Merger Corp.'s IPO?

The IPO involves risks and uncertainties that could impact the successful consummation of the offering.