Legato Merger Corp. II Announces Pricing of Upsized $240,000,000 Initial Public Offering

Rhea-AI Summary

Legato Merger Corp. II priced its upsized initial public offering of 24 million units at $10.00 per unit. The offering, set to list on the Nasdaq under the ticker symbol LGTOU, includes shares of common stock and redeemable warrants. Each warrant allows the purchase of common stock at $11.50 per share. The company, incorporated as a blank check company, aims to target businesses in infrastructure, engineering, construction, industrial, and renewable sectors. EarlyBirdCapital, Inc. serves as the sole book-running manager and the underwriters have a 45-day option for additional units.

Positive

• Successful pricing of 24 million units indicates strong investor interest.
• Initial focus on high-potential industries like infrastructure and renewables may lead to significant growth opportunities.

Negative

• Offering of units may lead to dilution of existing shareholder equity.
• Forward-looking statements carry risks, creating uncertainty about the completion and terms of the offering.

NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Legato Merger Corp. II (the “Company”) announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) and will begin trading later today under the ticker symbol “LGTOU”. Each unit consists of one share of common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “LGTO” and “LGTOW,” respectively. 

Legato Merger Corp. II is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or 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 a particular industry or geographic region although the Company intends to initially focus on target businesses in the infrastructure, engineering and construction, industrial and renewables industries. The Company’s management team is comprised of Gregory Monahan, Chief Executive Officer and Director, Eric S. Rosenfeld, Chief SPAC Officer, Adam Jaffe, Chief Financial Officer and Secretary, Brian Pratt, Chairman of the Board, David D. Sgro, Vice Chairman of the Board, and Adam Semler, Ryan Hummer, D. Blair Baker, John Ing, and Craig Martin, each a Director of the Company. 

EarlyBirdCapital, Inc. is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 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: Syndicate Department, 212-661-0200.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (“SEC”) and became effective on November 22, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS 

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. 

Contacts:

Gregory Monahan
Chief Executive Officer
Legato Merger Corp. II
212-319-7676

FAQ

What is the purpose of Legato Merger Corp. II's initial public offering on November 22, 2021?

The purpose is to raise capital for potential mergers or acquisitions targeting businesses in infrastructure, engineering, construction, industrial, and renewables.

How many units did Legato Merger Corp. II price in its IPO?

Legato Merger Corp. II priced a total of 24 million units at $10.00 each.

What is the ticker symbol for Legato Merger Corp. II on Nasdaq?

The ticker symbol for Legato Merger Corp. II is LGTOU.

What are the terms of the redeemable warrants associated with the IPO?

Each whole warrant allows the purchase of one share of common stock at a price of $11.50.

Who is managing Legato Merger Corp. II's IPO?

EarlyBirdCapital, Inc. is acting as the sole book-running manager for the offering.