Einride Completes Business Combination, Set to List on Nasdaq Under Ticker ENRD
Einride, a leader in autonomous and electric freight, has completed its merger with Legato Merger Corp. III and will start trading on Nasdaq on June 10.
$1.35 billion
$113 million
What Happened
Einride AB today announced the closing of its business combination with Legato Merger Corp. III. The transaction, approved by Legato shareholders on June 4, values Einride at a pre-money equity value of approximately $1.35 billion. The company raised $113 million through a PIPE financing in connection with the deal.
Legato shareholders approve business combination
Closing of business combination announced
Einride begins trading on Nasdaq under ENRD
$1.35 billion
Based on the business combination with Legato Merger Corp. III
The PIPE financing was oversubscribed and supported by investors including EQT Ventures. TD Cowen served as lead financial and capital markets advisor to Einride.
Why this matters
This move allows Einride to access public capital markets to fund its growth in autonomous and electric trucking.
Terms in This Story
- PIPE financing
- Private Investment in Public Equity, a private placement of shares in a public company at a discount.
- Business combination
- A transaction where two or more companies merge into one entity.
- American depository shares
- Shares of a foreign company traded on US stock exchanges, representing ownership in the company.
Summarised from the linked release; details can be imperfect — always verify against the original source.