Wed, Oct 9, 8:59 PM (85 days ago)
Legato Merger Corp. III (LEGT) reported financial results for the quarter ending August 31, 2024, following its Initial Public Offering (IPO) on February 8, 2024. The company generated gross proceeds of $201,250,000 from the sale of 20,125,000 units, with cash and cash equivalents totaling $1,738,180 as of the reporting date. The Trust Account holds $207,505,687 in U.S. government securities, reflecting a significant increase from prior periods. For Q3 2024, Legato posted a net income of $2,573,492, driven primarily by investment income of $2,858,440, against general and administrative expenses of $284,948. The company has not yet commenced operations or generated revenue from business activities, focusing instead on identifying potential acquisition targets. The balance sheet shows total assets of $209,520,940, with a shareholders’ deficit of $4,965,541. Key uncertainties include the ability to identify a suitable business combination within the designated timeframe and the potential implications on liquidity should additional capital not be secured. Overall, the company remains in an early-stage position, with plans to utilize IPO proceeds for future operations and acquisitions.