Einride's SPAC Merger with Legato Merger Corp. III Approved by Shareholders
Shareholders of Legato Merger Corp. III have approved the business combination with Einride, paving the way for the electric freight company to go public on Nasdaq.
- $1.35 billion
- $113 million
- $92 million
What Happened
Legato Merger Corp. III shareholders voted to approve the business combination with Einride at a special meeting on June 4, 2026. The transaction values Einride at a pre-money equity value of $1.35 billion. The combined company's shares are expected to trade on Nasdaq under the ticker symbol 'ENRD'.
$1.35 billionUSD
Einride's valuation before the merger with Legato Merger Corp. III.
“At Einride, we are redesigning the way freight moves. We are building the world’s most efficient freight network and going public gives us the platform to deploy our electric and autonomous technologies at the speed this market demands.”
Why this matters
The merger will give Einride access to public capital markets, enabling it to scale its electric and autonomous freight technology more rapidly across global markets.
Terms in This Story
- SPAC
- A special purpose acquisition company, a shell company that raises money through an IPO to acquire a private company and take it public.
- PIPE
- Private investment in public equity, where investors buy shares directly from a company at a discounted price before the merger.
- ARR
- Annual recurring revenue, a metric for subscription-based businesses representing the yearly value of contracts.
Summarised from the linked release; details can be imperfect — always verify against the original source.