Legato Merger Corp. III Shareholders Approve Business Combination with Einride
Combined Company Expected to Begin Trading on Nasdaq Under Ticker Symbol "ENRD"
NEW YORK and STOCKHOLM, June 5, 2026 /PRNewswire/ -- Einride AB ("Einride" or the "Company"), a technology company driving the transition to cost-efficient electric and autonomous freight operations, and Legato Merger Corp. III (NYSE American: LEGT) ("Legato"), a publicly traded special purpose acquisition company, today announced that Legato's shareholders voted to approve the previously announced business combination between Einride and Legato and the related matters (the "Transaction") at a special meeting of shareholders held on June 4, 2026 (the "Special Meeting"). A Current Report on Form 8-K disclosing the full voting results will be filed by Legato with the Securities and Exchange Commission.
The Transaction values Einride at a pre-money equity value of $1.35 billion. As previously announced, Einride raised $113 million through an oversubscribed PIPE financing in connection with the Transaction. The PIPE was supported by new and existing investors, including Stockholm-based EQT Ventures and a global asset management company based on the West Coast of the United States.
"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," said Roozbeh Charli, Chief Executive Officer at Einride.
Einride, which is driving the transition to cost-efficient electric and autonomous freight operations for large shippers across the U.S., Europe, and the Middle East, currently counts more than 30 enterprise customers across seven countries, with approximately $92 million in expected annual recurring revenue (ARR) from signed contracts and over $800 million in potential long-term ARR through joint business plans with blue-chip customers.
Upon the completion of the Transaction, the combined company's ordinary shares, represented by American Depositary Shares, and warrants are expected to commence trading on the Nasdaq under the ticker symbol "ENRD" and "ENRDW," respectively.
About Einride
Founded in 2016, Einride is a technology company that develops and operates digital, electric, and autonomous freight solutions, accelerating the transition to future-proofed transportation. Its technology platform includes AI-powered planning and optimization, autonomous technologies, one of the world's largest electric heavy-duty fleets, and charging infrastructure. Einride serves customers across North America, Europe, and the Middle East.
About Legato Merger Corp. III:
Legato 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.
Forward-Looking Statements
This communication contains certain "forward-looking statements" within the meaning of U.S. federal securities laws including, but not limited to, statements regarding the additional investments and Transaction. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions available to the Company and Legato, and, as a result, are subject to risks and uncertainties. Any such expectations and assumptions, whether or not identified in this communication, should be regarded as preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the Transaction; (2) the outcome of any legal proceedings that may be instituted against Legato, Einride, the combined company or others following the announcement of the Transaction and any definitive agreements with respect thereto; (3) The inability to complete the Transaction due to the failure to satisfy conditions to closing the Transaction; (4) risks related to the scaling of the Company's business and the timing of expected business milestones; (5) the ability to meet stock exchange listing standards following the consummation of the Transaction; (6) the risk that the Transaction disrupts current plans and operations of the Company as a result of the announcement and consummation of the Transaction; (7) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Transaction; (9) risks associated with changes in laws or regulations applicable to operations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, geopolitical, business, and/or competitive factors; (11) supply shortages in the materials necessary for the production of Einride's solutions; (12) negative perceptions or publicity of the Company; (13) risks related to working with third-party manufacturers for key components of Einride's solutions; (14) the termination or suspension of any of Einride's contracts or the reduction in counterparty spending; and (15) the ability of Einride or the combined company to issue equity or equity- linked securities in connection with the business combination or in the future.
Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 ("Registration Statement") filed with the U.S. Securities and Exchange Commission (the "SEC"), and other documents filed by the Company and/or Legato from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this communication are qualified by these cautionary statements. The Company and Legato assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Neither the Company nor Legato gives any assurance that either the Company or Legato will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Legato or any other person that the events or circumstances described in such statement are material.
Additional Information and Where to Find It
In connection with the Transaction, the Company filed the Registration Statement, including a preliminary proxy statement/prospectus, which was declared effective by the SEC on May 14, 2026. This communication does not contain all the information that should be considered concerning the Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Transaction. Before making any investment decision, investors and shareholders of Legato are urged to read the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction. Investors and shareholders will be able to obtain free copies of the Registration Statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by the Company or Legato through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Legato may be obtained by written request to Legato at Legato Merger Corp. III, 777 Third Avenue, 37th Floor, New York, NY 10017.
No Offer or Solicitation
This communication does not constitute an offer to sell or a solicitation of an offer to buy the securities of Legato, Einride or the combined company resulting from the Transaction, nor shall there be any sale of any such 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 such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction in where such distribution or use would be contrary to local law or regulation.
CONTACT:
Investor & Media Contacts
Einride
Christina Zander
Head of Communications Einride
press@einride.tech
Einride@icrinc.com
Legato Merger Corp. III
Eric Rosenfeld
Chief SPAC Officer
Legato Merger Corp. III
ir@legatomerger.com
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