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Legato Merger Corp. Announces Separation of Shares and Warrants for Holders

Strategic Insights

— 1 min read

Legato Merger Corp., a blank check company, has announced that it will allow holders of its units sold in its initial public offering to separately trade shares of its common stock and warrants, which will trade on the Nasdaq Capital Market under the symbols "LEGO" and "LEGOW," respectively. The company, formed for the purpose of effecting a merger, capital stock exchange, or similar business combination, has begun the process of separating its units into shares and warrants. This move is seen as a significant step towards the company's goal of identifying a prospective target business in the renewables, infrastructure, engineering, and construction, or industrial industries.

Key Takeaways:

  • The separation of units will begin on or about March 4, 2021, allowing holders to trade shares and warrants separately.
  • The shares of common stock will trade under the symbol "LEGO" and the warrants under the symbol "LEGOW" on the Nasdaq Capital Market.
  • Holders of units will need to contact Continental Stock Transfer & Trust Company to separate the units into shares and warrants.
  • The company has already filed a registration statement with the Securities and Exchange Commission, which became effective on January 19, 2021.
  • EarlyBirdCapital, Inc. acted as the sole book running manager for the company's initial public offering, while I-Bankers Securities, Inc. acted as co-manager.
  • The company's efforts to identify a target business will not be limited to any particular industry or geographic region.
  • Legato Merger Corp. is a blank check company formed to effect a merger or similar business combination with one or more businesses or entities.

Statistics:

  • The separation of units will begin on or about March 4, 2021.
  • The shares of common stock and warrants will trade on the Nasdaq Capital Market under the symbols "LEGO" and "LEGOW," respectively.
  • The company's initial public offering was consummated in January 2021.
  • A registration statement relating to the company's offer and sale of securities was filed with the SEC and became effective on January 19, 2021.

Sources:

  • GlobeNewswire (2021) Legato Merger Corp. (NASDAQ: LEGOU) Announces Separation of Units Into Shares and Warrants.
  • Securities and Exchange Commission (2021) Legato Merger Corp. Registration Statement.

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