Einride and Legato Merger Corp. III Announces $113 Million Oversubscribed Capital Raise in Support of Proposed Business Combination

Rhea-AI Summary

Einride (NYSE American: LEGT) and Legato Merger Corp. III announced an oversubscribed PIPE financing of approximately $113 million on Feb 26, 2026 to support their proposed business combination. The Transaction values Einride at a pre-money equity value of $1.35 billion and is expected to deliver about $333 million in gross proceeds, inclusive of Legato's trust cash, before redemptions and expenses. The combined company targets a NYSE listing under ticker ENRD in H1 2026, subject to shareholder and regulatory approvals. Einride plans to use proceeds for global expansion, autonomous deployments, and technology development.

Positive

• PIPE financing of $113 million
• Aggregate committed financing of $213 million
• Pre-money valuation of $1.35 billion
• Expected gross proceeds of $333 million
• Planned NYSE listing under ENRD in H1 2026

Negative

• Gross proceeds subject to redemptions and transaction expenses
• Closing conditional on shareholder and regulatory approvals

Key Figures

PIPE financing: $113 million Total committed financing: $213 million Crossover financing: $100 million +5 more

8 metrics

PIPE financing $113 million Oversubscribed PIPE gross proceeds supporting Einride–Legato Transaction

Total committed financing $213 million Aggregate commitments including PIPE and prior crossover financing

Crossover financing $100 million Previously announced crossover financing included in total commitments

Pre-money equity value $1.35 billion Einride valuation for the proposed Transaction

Expected gross proceeds $333 million Gross proceeds from PIPE plus Legato cash-in-trust, pre-redemptions/expenses

Cash-in-trust $220 million Legato cash-in-trust included in expected gross proceeds

Listing timing First half of 2026 Target window to list on NYSE under ticker ENRD

Investor webcast date March 19, 2026 Scheduled Einride investor presentation

Market Reality Check

Price: $10.95 Vol: Volume 12,263 is below 20...

low vol

$10.95 Last Close

Volume Volume 12,263 is below 20-day average of 45,775 (relative volume 0.27x). low

Technical Last price 10.95 is above 200-day MA of 10.74, trading between 52-week low 10.28 and high 11.50.

Peers on Argus

LEGT rose 0.15% while most blank-check peers were flat; DRDBU gained 1.12% and H...

LEGT rose 0.15% while most blank-check peers were flat; DRDBU gained 1.12% and HVII edged up 0.1%, suggesting stock-specific rather than broad sector momentum.

Previous Acquisition Reports

2 past events · Latest: Dec 15 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Dec 15	Form F-4 submission	Positive	+0.3%	Confidential Form F-4 filing and detailed proceeds, ARR and PIPE expectations.
Mar 13	Audit going-concern note	Negative	+0.0%	Audit opinion with going-concern explanation for SPAC financial statements.

Pattern Detected

Acquisition- and combination-related headlines have produced small, non-volatile moves, with prior reactions flat to mildly positive.

Recent Company History

Over the past year, LEGT’s key news flow has centered on its business combination with Einride. A Dec 15, 2025 update highlighted confidential Form F-4 submission and outlined expected $220 million in gross proceeds and a potential $100 million PIPE, prompting a modestly positive share reaction. An earlier Mar 13, 2025 going-concern audit explanation did not move the stock. Today’s oversubscribed PIPE and updated deal proceeds fit into this ongoing de-SPAC progression toward an NYSE listing.

Historical Comparison

+0.2% avg move · Past acquisition-tag news for LEGT moved the stock by an average of 0.17%, suggesting historically m...

acquisition

+0.2%

Average Historical Move acquisition

Past acquisition-tag news for LEGT moved the stock by an average of 0.17%, suggesting historically muted reactions to business-combination disclosures.

Acquisition-tag events trace the SPAC’s path from audit and risk disclosures through Form F-4 submission toward completion of the Einride business combination and listing.

Market Pulse Summary

This announcement details an oversubscribed $113 million PIPE that lifts total committed financing t...

Analysis

This announcement details an oversubscribed $113 million PIPE that lifts total committed financing to $213 million and raises expected gross proceeds to about $333 million for the Einride–Legato business combination. It also clarifies a pre-money equity value of $1.35 billion and targets a first-half 2026 NYSE listing. Investors may track further capital raises, Form F-4 progress, shareholder approvals, and any updates to expected cash-in-trust before redemptions and expenses.

Key Terms

pipe, special purpose acquisition company, american depositary shares, forward-looking statements, +2 more

6 terms

pipe financial

"announced an oversubscribed PIPE financing of approximately $113 million..."

A "pipe" is a planned series of financial transactions or projects that companies intend to carry out over time, often involving the raising of funds or development of new assets. It matters to investors because it provides a clear picture of a company's future growth plans and potential revenue, helping them assess the company's upcoming opportunities and overall stability. Think of it as a detailed roadmap guiding a company's future steps.

special purpose acquisition company financial

"Legato Merger Corp. III ... a publicly traded special purpose acquisition company..."

A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.

american depositary shares financial

"list its ordinary shares, represented by American depositary shares and warrants..."

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.

forward-looking statements regulatory

"This communication contains certain "forward-looking statements" within the meaning..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

proxy statement/prospectus regulatory

"will include a proxy statement of Legato and a prospectus of the Company..."

A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.

nyse financial

"expects to list its ordinary shares ... on the New York Stock Exchange..."

A large, regulated marketplace where stocks and other securities are listed and traded, acting like a global auction house that matches buyers and sellers and helps determine share prices. It matters to investors because listing and trading there provide liquidity, price discovery, and regulatory oversight—making it easier to buy or sell holdings and giving companies a visible platform that can affect credibility and access to capital.

AI-generated analysis. Not financial advice.

STOCKHOLM and NEW YORK, Feb. 26, 2026 /PRNewswire/ -- Einride AB ("Einride" or the "Company"), a technology company driving the transition to cost-efficient electric and autonomous freight operations for some of the world's largest shippers, and Legato Merger Corp. III (NYSE American: LEGT) ("Legato") , a publicly traded special purpose acquisition company today announced an oversubscribed PIPE financing of approximately $113 million gross proceeds (the "PIPE"), in support of their previously announced proposed business combination (the "Transaction"). 

The PIPE financing was committed by new and existing investors including a global asset management company based on the West Coast of the United States, and Stockholm-based EQT Ventures. Proceeds from the PIPE are expected to support Einride's technology roadmap and global expansion, including autonomous deployments across North America, Europe, and the Middle East, and additional commercial applications of the Company's intelligent freight platform.

To date, investors have committed an aggregate of approximately $213 million in financing in connection with the Transaction, including both the PIPE financing and Einride's already announced crossover financing of approximately $100 million. The proceeds from the PIPE financing exceeds the Company's previously announced expectations to raise up to $100 million in additional capital to support the Transaction.

"This PIPE reflects strong investor confidence in Einride's mission to transform global freight through autonomous and electric technology," said Roozbeh Charli, Chief Executive of Einride. "With this additional capital, we believe we are well positioned to scale our commercial deployments of electric and autonomous freight solutions with both existing and new customers, while continuing to invest in our automated driving system and intelligent freight platform."

"Einride continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics," said Eric Rosenfeld, Chief SPAC Officer of Legato. "We believe this PIPE investment underscores the compelling value proposition and long-term growth opportunity of Einride as the Company prepares to enter the public markets."

For additional information about the PIPE, see Legato's Current Report on Form 8-K, which will be filed promptly, following the issuance of this press release, and which can be obtained, without charge, at the Securities and Exchange Commission's internet site (http://www.sec.gov).

The Transaction values Einride at a pre-money equity value of $1.35 billion and is expected to deliver approximately $333m in gross proceeds including the PIPE financing and $220 million in proceeds from Legato's cash-in-trust before accounting for potential redemptions and transaction expenses. In addition, Einride and Legato may also pursue additional capital in connection with the closing of the Transaction to further support Einride's long-term operating plan. 

Subject to the satisfaction of closing conditions, including approval of Legato shareholders, regulatory approvals, the combined company expects to list its ordinary shares, represented by American depositary shares and warrants on the New York Stock Exchange during the first half of 2026 under the proposed ticker symbol "ENRD". 

TD Cowen acted as lead placement agent to Einride and BTIG acted as placement agent in connection with the announced PIPE transaction. DLA Piper LLP (US) acted as legal advisor to Einride in the PIPE transaction. Greenberg Traurig, LLP acted as legal advisor to TD Cowen and BTIG.

The securities being sold in the PIPE have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws and accordingly may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Einride will webcast an investor presentation on March 19, 2026. More details to follow.

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.

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 proposed Transaction with Legato and Einride's expected and potential ARR, as applicable. 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 amount of redemption requests made by Legato public shareholders and the inability to complete the Transaction due to the failure to obtain approval of the shareholders of Legato, to obtain financing to complete the Transaction or to satisfy other conditions to closing; (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 the Company's solutions and services and the Company's international 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 proposed 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 that will be described in the "Risk Factors" section of the Company's registration statement on Form F-4 to be filed by the Company 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 intends to file a registration statement on Form F-4 with the SEC that will include a proxy statement of Legato and a prospectus of the Company. After the registration statement is declared effective, the definitive proxy statement/prospectus will be sent to all Legato shareholders as of a record date to be established for voting on the proposed Transaction. Legato also will file other documents regarding the proposed Transaction with the SEC. This communication does not contain all the information that should be considered concerning the proposed 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 voting or 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 proposed Transaction as they become available because they will contain important information about the proposed 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 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.

Participants in the Solicitation

Legato and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Legato's shareholders in connection with the proposed Transaction. Information about Legato's directors and executive officers and their ownership of Legato's securities is set forth in Legato's filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed Transaction may be obtained by reading the proxy statement/prospectus regarding the proposed Transaction when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This communication not constitute a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed Transaction and shall 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 proposed 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

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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SOURCE Einride

FAQ

What is the size of the PIPE financing announced by Einride and Legato (LEGT) on Feb 26, 2026?

The PIPE financing totals approximately $113 million, oversubscribed by new and existing investors. According to the company, proceeds will support Einride's technology roadmap, autonomous deployments across North America, Europe and the Middle East, and expansion of its intelligent freight platform.

How does the Feb 26, 2026 transaction value Einride and what are expected proceeds?

Einride is valued at a pre-money equity value of $1.35 billion in the proposed deal. According to the company, the Transaction is expected to deliver roughly $333 million in gross proceeds before accounting for potential redemptions and expenses.

When is the combined company expected to list on the NYSE and under what ticker after the LEGT-Einride deal?

Subject to closing conditions, the combined company expects a NYSE listing in first half of 2026 under the proposed ticker ENRD. According to the company, listing depends on shareholder votes and regulatory approvals prior to closing.

How much total financing has been committed to the Einride-Legato Transaction as of Feb 26, 2026?

Investors have committed approximately $213 million in aggregate financing, combining the PIPE and a prior crossover financing. According to the company, that includes the recent ~$113 million PIPE plus about $100 million in earlier crossover funding.

What will Einride use the PIPE proceeds for after the LEGT business combination?

The company will use proceeds to scale commercial deployments, invest in its automated driving system, and expand globally. According to the company, funds target autonomous deployments, broader commercial applications of its intelligent freight platform, and growth across key regions.