Einride, a Global Leader in Autonomous and Electric Freight, Completes Business Combination and Will Begin Trading on Nasdaq Stock Market

Rhea-AI Summary

Einride (Nasdaq: ENRD) completed its business combination with Legato Merger Corp. III, approved by Legato shareholders on June 4, 2026. Einride is a technology company focused on cost-efficient autonomous and electric freight.

Einride’s American Depositary Shares and warrants are expected to begin trading on Nasdaq under the symbols ENRD and ENRDW on June 10, 2026. The Transaction values Einride at a pre-money equity value of about $1.35 billion and includes an oversubscribed $113 million PIPE financing supported by new and existing investors.

Positive

• Business combination values Einride at approximately $1.35 billion pre-money
• Oversubscribed PIPE financing raises $113 million from new and existing investors
• Einride ADSs and warrants to list on Nasdaq under ENRD and ENRDW

Negative

• None.

Market Context

This announcement details the closing of Einride’s business combination with Legato Merger Corp. III...

Analysis

This announcement details the closing of Einride’s business combination with Legato Merger Corp. III and the expected start of Nasdaq trading for ENRD and ENRDW on June 10, 2026. The Transaction valued Einride at a pre-money equity value of $1.35 billion and included an oversubscribed PIPE raising $113 million. With no prior news history or trading metrics provided, key items to watch would be post-listing disclosures, capital deployment, and subsequent corporate updates.

Key Figures

Pre-money equity value: $1.35 billion PIPE financing: $113 million Shareholder meeting date: June 4, 2026 +2 more

5 metrics

Pre-money equity value $1.35 billion Valuation of Einride in the Transaction

PIPE financing $113 million Capital raised through oversubscribed PIPE in connection with Transaction

Shareholder meeting date June 4, 2026 Legato shareholders approved the Transaction

Announcement date June 9, 2026 Press release publication date

Nasdaq trading start June 10, 2026 Expected start of trading for ENRD and ENRDW

Key Terms

american depositary shares, warrants, pipe financing, placement agent

4 terms

american depositary shares financial

"Einride American Depositary Shares and warrants to trade on Nasdaq..."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

warrants financial

"American Depositary Shares and warrants to trade on Nasdaq under the symbols..."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

View in glossary

pipe financing financial

"Einride raised $113 million through an oversubscribed PIPE financing..."

Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.

placement agent financial

"TD Cowen served as the lead financial and capital markets advisor... and acted as lead placement agent..."

A placement agent is a professional or firm that helps organizations raise money from investors, such as individuals, institutions, or funds. They act like matchmakers, connecting those seeking investments with the right investors and guiding the process to ensure successful funding. For investors, they can provide access to exclusive opportunities and help navigate complex fundraising efforts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Einride American Depositary Shares and warrants to trade on Nasdaq under the symbols "ENRD" and “ENRDW” respectively

NEW YORK and STOCKHOLM, June 09, 2026 (GLOBE NEWSWIRE) -- Einride AB ("Einride" or the "Company"), a technology company driving the transition to cost-efficient autonomous and electric freight, today announced the closing of its previously announced business combination (the Transaction”) with Legato Merger Corp. III ("Legato"), which was approved by Legato shareholders at an extraordinary general meeting on June 4, 2026.

In connection with the closing of the business combination, Einride’s American depository shares and warrants are expected to begin trading on Nasdaq under the ticker symbols "ENRD" and “ENRDW”, respectively, on June 10, 2026.

The Transaction valued Einride at a pre-money equity value of approximately $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.

TD Cowen served as the lead financial and capital markets advisor to Einride and acted as lead placement agent on the PIPE. BTIG, LLC also served as capital markets advisor to Legato and as co-placement agent on the PIPE. Legal counsel for Einride was provided by DLA Piper LLP (US), Advokatfirma DLA Piper Sweden KB, and Conyers Dill & Pearman LLP. Graubard Miller, Lindskog Malmström Advokatbyrå AB, and Appleby (Cayman) Ltd. served as legal counsel to Legato. Greenberg Traurig, LLP served as legal counsel to the placement agents.

About Einride

Founded in 2016, Einride is a technology company that develops and operates digital, electric and autonomous freight solutions to accelerate the transition to future proofed transportation in a cost-efficient way. 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 is serving customers across North America, Europe and the Middle East.

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 Company’s expected listing on Nasdaq. 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, 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) risks related to the scaling of the Company’s business and the timing of expected business milestones; (2) the ability to meet stock exchange listing standards following the consummation of the Transaction; (3) the risk that the Transaction disrupts current plans and operations of the Company as a result of the consummation of the Transaction; (4) the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the Transaction; (6) risks associated with changes in laws or regulations applicable to operations; (7) the possibility that the Company may be adversely affected by other economic, geopolitical, business, and/or competitive factors; (8) supply shortages in the materials necessary for the production of Einride’s solutions; (9) negative perceptions or publicity of the Company; (10) risks related to working with third-party manufacturers for key components of Einride’s solutions; (11) the termination or suspension of any of Einride’s contracts or the reduction in counterparty spending; and (12) the ability of Einride to issue securities 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, and other documents filed by the Company 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 assumes no obligation and does 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.

Investor & Media Contacts

Einride
Christina Zander
Head of Communications Einride
press@einride.tech
Einride@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15612171-6755-4c41-b7b8-1474ddaad80c

FAQ

When will Einride (Nasdaq: ENRD) start trading after its Legato Merger Corp. III business combination?

Einride’s American Depositary Shares and warrants are expected to begin trading on Nasdaq on June 10, 2026. According to Einride, the securities will trade under ticker symbols ENRD for ADSs and ENRDW for warrants.

What is the valuation of Einride in its business combination with Legato Merger Corp. III (ENRD)?

The Transaction valued Einride at a pre-money equity value of approximately $1.35 billion. According to Einride, this valuation reflects its position in cost-efficient autonomous and electric freight as it transitions to trading on the Nasdaq Stock Market.

How much capital did Einride (ENRD) raise through the PIPE financing tied to the Legato merger?

Einride raised $113 million through an oversubscribed PIPE financing in connection with the Transaction. According to Einride, the PIPE was backed by new and existing investors, including EQT Ventures and a global West Coast-based asset management company.

Which ticker symbols will Einride securities use on the Nasdaq Stock Market after June 10, 2026?

Einride’s American Depositary Shares will trade on Nasdaq under the symbol ENRD, and its warrants under ENRDW. According to Einride, both listings follow completion of the business combination with Legato Merger Corp. III.

Who advised Einride (ENRD) and Legato Merger Corp. III on the business combination and PIPE financing?

TD Cowen served as lead financial and capital markets advisor to Einride and lead placement agent on the PIPE. According to Einride, BTIG advised Legato and co-led the PIPE, with multiple law firms providing legal counsel to all parties and agents.

What type of company is Einride (ENRD) following its Nasdaq listing?

Einride is a technology company focused on cost-efficient autonomous and electric freight solutions. According to Einride, the completed business combination with Legato Merger Corp. III and Nasdaq listing support its strategy to drive the transition in freight transportation.