Legato Merger Corp. III Files Quarterly Report (10-Q)

TL;DR

<b>Legato Merger Corp. III filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing its financial status and operations.</b>

AI Summary

Legato Merger Corp. III (LEGT-WT) filed a Quarterly Report (10-Q) with the SEC on April 11, 2024. Legato Merger Corp. III filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on November 30. The filing covers the period from December 1, 2023, to February 29, 2024. Key financial instruments include ordinary shares and redeemable warrants. The exercise price for redeemable warrants is $11.50 per share.

Why It Matters

For investors and stakeholders tracking Legato Merger Corp. III, this filing contains several important signals. This 10-Q filing provides investors with an update on Legato Merger Corp. III's financial performance and operational activities during the first fiscal quarter of 2024. Understanding the details of this report is crucial for stakeholders to assess the company's current financial health, potential risks, and future prospects, especially concerning its share structure and warrant obligations.

Risk Assessment

Risk Level: low — Legato Merger Corp. III shows low risk based on this filing. The risk is low as this is a standard quarterly filing for a SPAC, and no significant negative events or financial distress are indicated in the provided snippet.

Analyst Insight

Monitor future filings for updates on potential business combinations or significant financial changes.

Key Numbers

• 2024-02-29 — Reporting Period End Date (10-Q filing)
• 2024-04-11 — Filing Date (10-Q filing)
• 11.50 — Warrant Exercise Price (Redeemable Warrants)
• 0.0001 — Par Value per Ordinary Share (Ordinary Shares)

Key Players & Entities

• Legato Merger Corp. III (company) — FILER
• 0002002038 (company) — CENTRAL INDEX KEY
• 6770 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-02-29 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-11 (date) — FILED AS OF DATE
• 777 THIRD AVENUE, 37TH FLOOR (address) — BUSINESS ADDRESS
• Eric Rosenfeld (person) — Mentioned in relation to founder shares
• 11.50 (dollar_amount) — Exercise price for redeemable warrants

FAQ

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-04-11: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operations for the quarter.)

Redeemable Warrants

Financial instruments that give the holder the right, but not the obligation, to purchase shares at a specified price. (Indicates potential future dilution and capital raising opportunities for the company.)

Ordinary Shares

The basic form of stock that represents ownership in a corporation. (Represents the core equity of the company.)

Key Financial Figures

• $0.0001 — E American Ordinary shares, par value $0.0001 per share LEGT NYSE American Rede
• $11.50 — ordinary shares at an exercise price of $11.50 per share LEGT WS NYSE American C
• $10.00 — deposit in the Trust Account (initially $10.00 per share, plus any pro rata interest e

Filing Documents

• legatomerger3_10q.htm (10-Q) — 354KB
• legatomerger3_ex31-1.htm (EX-31.1) — 17KB
• legatomerger3_ex31-2.htm (EX-31.2) — 17KB
• legatomerger3_ex32-1.htm (EX-32.1) — 7KB
• legatomerger3_ex32-2.htm (EX-32.2) — 7KB
• 0001829126-24-002409.txt (&nbsp;) — 2575KB
• cik0002002038-20240229.xsd (EX-101.SCH) — 36KB
• cik0002002038-20240229_cal.xml (EX-101.CAL) — 29KB
• cik0002002038-20240229_def.xml (EX-101.DEF) — 113KB
• cik0002002038-20240229_lab.xml (EX-101.LAB) — 194KB
• cik0002002038-20240229_pre.xml (EX-101.PRE) — 165KB
• legatomerger3_10q_htm.xml (XML) — 266KB

Financial Information

Part I. Financial Information 1 Item 1. Consolidated Condensed Interim Financial Statements 1 Consolidated Condensed Balance Sheets 1 Consolidated Condensed Statement of Operations (unaudited) 2 Consolidated Condensed Statement of Changes in Shareholders' (Deficit) Equity (unaudited) 3 Consolidated Condensed Statement of Cash Flows (unaudited) 4 Notes to Unaudited Condensed Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

Part II. Other Information 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 22

Signatures

Part III. Signatures 23 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated

Item 1. Consolidated Condensed Interim Financial Statements. LEGATO MERGER CORP. III CONSOLIDATED CONDENSED BALANCE SHEETS February 29, 2024 November 30, 2023 (unaudited) ASSETS Current assets: Cash $ 2,067,209 $ - Prepaid expenses 383,262 19,868 Deferred offering costs - 3,738 Total current assets 2,450,471 23,606 Investments held in Trust Account 201,814,749 - Total assets $ 204,265,220 $ 23,606 LIABILITIES AND SHAREHOLDERS' (Deficit) Equity Current liabilities: Accounts payable and accrued expenses $ 37,044 $ 3,238 Notes payable to shareholder - 12,500 Total current liabilities 37,044 15,738 Deferred underwriting commissions 7,043,750 - Total liabilities 7,080,794 15,738 Commitments and contingencies Ordinary shares subject to possible redemption, $ 0.0001 par value; 200,000,000 shares authorized; 20,125,000 and 0 shares at redemption value at $ 10.03 and $ 0 per share as of February 29, 2024 and November 30, 2023, respectively (1) 201,714,749 - Shareholders' (deficit) equity Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of February 29, 2024 and November 30, 2023 - - Ordinary shares, $ 0.0001 par value; 200,000,000 shares authorized; 5,674,375 non-redeemable shares issued and outstanding (excluding 20,125,000 shares subject to possible redemption) and 5,118,750 shares issued and outstanding as of February 29, 2024 and November 30, 2023, respectively (2) 568 512 Additional paid-in capital - 24,988 Accumulated deficit ( 4,530,891 ) ( 17,632 ) Total shareholders' (deficit) equity ( 4,530,323 ) 7,868 Total liabilities and shareholders' (deficit) equity $ 204,265,220 $ 23,606 (1) Total shares outstanding ordinary shares basic and diluted-Public Shares include all shares in the public offering, inclusive of the full exercise of the overallotment option. (2) Total shares outs

View Full Filing

View this 10-Q filing on SEC EDGAR