Legato Merger Corp. III Announces Receipt of Audit Opinion with Going Concern Explanation
Legato Merger Corp. III (NYSE: LEGT) has disclosed that its audited financial statements for the year ended November 30, 2024, include an audit opinion with a going concern explanation from its independent registered public accounting firm. This announcement, made pursuant to NYSE American Company Guide requirements, does not represent any changes to the company's previously filed financial statements or Annual Report.
Legato Merger Corp. III is a Cayman Islands-based Special Purpose Acquisition Company (SPAC) focused on identifying business combination opportunities, particularly in the infrastructure, engineering and construction, industrial and renewables industries. The company's management team includes Gregory Monahan as CEO, Eric S. Rosenfeld as Chief SPAC Officer, and Adam Jaffe as CFO.
Legato Merger Corp. III (NYSE: LEGT) ha comunicato che i suoi bilanci auditati per l'anno conclusosi il 30 novembre 2024, includono un'opinione di revisione con una spiegazione sulla continuità aziendale da parte della sua società di revisione contabile indipendente registrata. Questo annuncio, fatto in conformità con i requisiti del Company Guide della NYSE American, non rappresenta alcuna modifica ai bilanci finanziari precedentemente presentati dalla società o al Rapporto Annuale.
Legato Merger Corp. III è una Special Purpose Acquisition Company (SPAC) con sede nelle Isole Cayman focalizzata sull'identificazione di opportunità di combinazione aziendale, in particolare nei settori delle infrastrutture, ingegneria e costruzione, industriale e delle energie rinnovabili. Il team di gestione dell'azienda include Gregory Monahan come CEO, Eric S. Rosenfeld come Chief SPAC Officer e Adam Jaffe come CFO.
Legato Merger Corp. III (NYSE: LEGT) ha divulgado que sus estados financieros auditados para el año que finalizó el 30 de noviembre de 2024, incluyen una opinión de auditoría con una explicación sobre la continuidad de la empresa por parte de su firma de contabilidad pública registrada e independiente. Este anuncio, realizado de acuerdo con los requisitos del Company Guide de NYSE American, no representa cambios en los estados financieros previamente presentados de la empresa o en el Informe Anual.
Legato Merger Corp. III es una Companía de Adquisición de Propósito Especial (SPAC) con sede en las Islas Caimán enfocada en identificar oportunidades de combinación de negocios, particularmente en las industrias de infraestructura, ingeniería y construcción, industrial y energías renovables. El equipo de gestión de la empresa incluye a Gregory Monahan como CEO, Eric S. Rosenfeld como Chief SPAC Officer y Adam Jaffe como CFO.
레가토 머저 컴퍼니 III (NYSE: LEGT)는 2024년 11월 30일로 종료된 회계연도의 감사 재무제표에 독립 등록 공인 회계법인으로부터 계속기업 설명이 포함된 감사 의견이 있음을 발표했습니다. 이 발표는 NYSE American Company Guide의 요구 사항에 따라 이루어진 것으로, 회사가 이전에 제출한 재무제표나 연례 보고서에 대한 변경 사항을 나타내지 않습니다.
레가토 머저 컴퍼니 III는 케이맨 제도에 본사를 둔 특수 목적 인수 회사(SPAC)로, 인프라, 엔지니어링 및 건설, 산업 및 재생 가능 에너지 산업에서 사업 결합 기회를 식별하는 데 주력하고 있습니다. 회사의 경영진에는 CEO로 그레고리 모나한, Chief SPAC Officer로 에릭 S. 로젠펠드, CFO로 아담 재프가 포함되어 있습니다.
Legato Merger Corp. III (NYSE: LEGT) a annoncé que ses états financiers audités pour l'année se terminant le 30 novembre 2024 comprennent un avis d'audit avec une explication sur la continuité de l'exploitation de la part de son cabinet d'expertise comptable public indépendant enregistré. Cette annonce, faite conformément aux exigences du Company Guide de NYSE American, ne représente aucun changement par rapport aux états financiers précédemment déposés par la société ou au Rapport Annuel.
Legato Merger Corp. III est une société d'acquisition à but spécifique (SPAC) basée aux Îles Caïmans axée sur l'identification d'opportunités de combinaison d'entreprises, en particulier dans les secteurs des infrastructures, de l'ingénierie et de la construction, de l'industrie et des énergies renouvelables. L'équipe de direction de l'entreprise comprend Gregory Monahan en tant que PDG, Eric S. Rosenfeld en tant que Chief SPAC Officer et Adam Jaffe en tant que CFO.
Legato Merger Corp. III (NYSE: LEGT) hat bekannt gegeben, dass ihre geprüften Finanzberichte für das am 30. November 2024 endende Jahr eine Prüfungsmeinung mit einer Fortführungsprognose von ihrem unabhängigen registrierten Wirtschaftsprüfungsunternehmen enthalten. Diese Ankündigung, die gemäß den Anforderungen des Company Guide der NYSE American erfolgt ist, stellt keine Änderungen an den zuvor eingereichten Finanzberichten oder dem Jahresbericht des Unternehmens dar.
Legato Merger Corp. III ist eine in den Kaimaninseln ansässige Special Purpose Acquisition Company (SPAC), die sich darauf konzentriert, Geschäftskombinationsmöglichkeiten insbesondere in den Bereichen Infrastruktur, Ingenieurwesen und Bau, Industrie und erneuerbare Energien zu identifizieren. Das Management-Team des Unternehmens umfasst Gregory Monahan als CEO, Eric S. Rosenfeld als Chief SPAC Officer und Adam Jaffe als CFO.
- None.
- Auditor issued going concern warning, indicating substantial doubt about company's ability to continue operations
- Financial stability concerns may impact ability to complete business combination
- Potential risk to shareholders' investment value
Insights
Legato Merger Corp. III's disclosure about receiving an audit opinion with a going concern explanation represents a significant red flag for investors. This accounting designation indicates the company's auditors have substantial doubt about its ability to continue operating for the foreseeable future.
As a SPAC (Special Purpose Acquisition Company), Legato has a timeframe to identify and complete a business combination. The going concern warning suggests serious challenges in meeting these obligations or maintaining sufficient capital reserves until a deal is completed.
While the company notes this information was previously included in their February 2025 Annual Report, this separate announcement is required by NYSE American listing rules due to the severity of the designation. The exchange specifically requires public announcements when audit opinions contain going concern paragraphs to ensure proper investor awareness.
For common shareholders, this raises the risk of a potential liquidation scenario where only trust assets would be returned. For warrant holders, the risk is even more severe, as warrants typically become worthless if the SPAC fails to complete a business combination.
This disclosure fundamentally alters the risk profile of Legato Merger Corp. III and warrants careful consideration by current and potential investors.
NEW YORK, March 13, 2025 (GLOBE NEWSWIRE) -- Legato Merger Corp. III (NYSE American: LEGT U, LEGT, LEGT WS) (the “Company”) announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended November 30, 2024, which was filed on February 19, 2025 with the Securities and Exchange Commission, the audited financial statements contained an audit opinion from its independent registered public accounting firm that included an explanatory paragraph related to the Company’s ability to continue as a going concern. See further discussion in Note 1 to the Company’s financial statements included in the Company’s Annual Report on Form 10-K. This announcement is made pursuant to NYSE American LLC Company Guide Sections 401(h) and 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the year ended November 30, 2024.
Legato Merger Corp. III is a Cayman Islands exempted company incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region although the Company intends to initially focus on target businesses in the infrastructure, engineering and construction, industrial and renewables industries. The Company’s management team is comprised of Gregory Monahan, Chief Executive Officer and Director, Eric S. Rosenfeld, Chief SPAC Officer, Adam Jaffe, Chief Financial Officer, Secretary and Director, Brian Pratt, Director and Non-Executive Chairman of the Board, David D. Sgro, Director and Non-Executive Vice Chairman of the Board, and Adam Semler and John Ing, each a Director of the Company.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended November 30, 2024 filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts:
Gregory Monahan
Chief Executive Officer
Legato Merger Corp. III
(212) 319-7676
FAQ
What does the going concern warning mean for LEGT shareholders?
When did LEGT receive the going concern audit opinion?
What industries is LEGT targeting for potential business combination?
How does the going concern announcement affect LEGT's NYSE American listing?
