10-Q - Legato Merger Corp. III (0002002038) (Filer)

Wed, Jul 10, 9:29 PM (59 days ago)

Legato Merger Corp. III, a Cayman Islands-based company, filed its Form 10-Q for the quarter ending May 31, 2024. The company, incorporated on November 6, 2023, aims to merge with or acquire businesses in sectors like infrastructure, engineering, construction, industrial, and renewables. As of May 31, 2024, Legato had not commenced operations but completed its Initial Public Offering (IPO) on February 8, 2024, raising $201.25 million by selling 20,125,000 units at $10 per unit. Concurrently, it raised $5.56 million through a private placement. The funds are held in a trust account, primarily invested in U.S. government securities. The company reported net income of $2.68 million for the quarter and $3.21 million for the six months ending May 31, 2024, driven by $3.43 million in investment income. Operating expenses were $185,916 for the quarter and $221,159 for the six months. As of May 31, 2024, Legato had $1.95 million in cash and working capital of $2.25 million. Legato's management is focused on identifying and acquiring a target business, with a mandatory redemption clause for public shares if no acquisition occurs within 24 months. The company has no long-term debt or off-balance-sheet arrangements and is subject to the risks typical of early-stage companies.