Legato Merger Corp. III and Einride Complete $113M PIPE Financing
Legato Merger Corp. III and Einride, a technology company driving the transition to cost-efficient electric and autonomous freight operations for some of the world's largest shippers, announced an oversubscribed PIPE financing of approximately $113M gross proceeds in support of their previously announced proposed business combination. The PIPE financing was committed by new and existing investors including a global asset management company based on the West Coast of the U.S., and Stockholm-based EQT Ventures. Proceeds from the PIPE are expected to support Einride's technology roadmap and global expansion and additional commercial applications of the company's intelligent freight platform. To date, investors have committed an aggregate of approximately $213M in financing in connection with the Transaction, including both the PIPE financing and Einride's already announced crossover financing of approximately $100M. The proceeds from the PIPE financing exceeds the company's previously announced expectations to raise up to $100M in additional capital to support the transaction. The Transaction values Einride at a pre-money equity value of $1.35B and is expected to deliver approximately $333M in gross proceeds including the PIPE financing and $220M in proceeds from Legato's cash-in-trust before accounting for potential redemptions and transaction expenses. The combined company expects to list its ordinary shares, represented by ADSs and warrants on NYSE during 1H26 under the proposed ticker symbol "ENRD".
