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Legato Merger Corp. IV (NYSE American: LEGO U) closed its initial public offering of 23,000,000 units at $10.00 per unit on January 26, 2026, including the full 3,000,000-unit underwriters' over-allotment option, generating $230,000,000 in gross proceeds.
Each unit contains one ordinary share and one-third of one redeemable warrant (each whole warrant exercisable to buy one share at $11.50). The proceeds, together with a simultaneous private placement, were deposited into a trust and the company intends to use net proceeds to complete an initial business combination focused initially on infrastructure, industrial, artificial intelligence, and technology targets. Units trade as LEGO U; ordinary shares and warrants are expected to trade separately as LEGO and LEGO WS once split.
Legato Merger Corp. (Nasdaq: LEGO) and Algoma Steel Group Inc. have announced the approval of their merger, with approximately 92% of stockholders voting in favor. The merger is expected to close during the week of October 18, 2021, following the fulfillment of closing conditions. After closing, Algoma shares (new symbol: ASTL) will trade on Nasdaq and the Toronto Stock Exchange. Algoma, a leading steel producer in Canada, boasts a production capacity of 2.8 million tons per year and has made significant improvements to enhance profitability.
Algoma Steel has entered into a merger agreement with Legato Merger Corp. (NASDAQ: LEGO, LEGOU), resulting in Algoma becoming a publicly listed company. The all-stock transaction values the combined entity at an enterprise value of approximately $1.7 billion, with a significant investment capital of $306 million expected to enhance Algoma's operational capacity, including a shift towards electric arc steelmaking, potentially reducing carbon emissions by 70%. Closing is anticipated in Q3 2021, pending shareholder approvals.