Legato Merger Corp. III Files Q2 2024 10-Q

TL;DR

Legato Merger Corp. III filed its 10-Q for Q2 2024, showing ordinary shares and warrants.

AI Summary

Legato Merger Corp. III filed its 10-Q for the period ending May 31, 2024. The company, incorporated in Delaware with a fiscal year end of November 30, reported on its ordinary shares, redeemable warrants, and financial activities. The filing details its business address and phone number in New York, NY.

Why It Matters

This filing provides investors with an update on Legato Merger Corp. III's financial status and operational details for the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing for a SPAC, providing routine financial updates without immediate significant new risks.

Key Numbers

• 20240531 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240710 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1130 — Fiscal Year End (Defines the end of the company's annual accounting period.)

Key Players & Entities

• Legato Merger Corp. III (company) — Filer of the 10-Q
• 0002002038 (company) — Central Index Key (CIK) for Legato Merger Corp. III
• 777 THIRD AVENUE, 37TH FLOOR (location) — Business and mailing address
• NEW YORK, NY 10017 (location) — Business and mailing address
• 11.50 (dollar_amount) — Exercise price for redeemable warrants

FAQ

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) — 384KB
• legatomerger3_ex31-1.htm (EX-31.1) — 16KB
• legatomerger3_ex31-2.htm (EX-31.2) — 16KB
• legatomerger3_ex32-1.htm (EX-32.1) — 7KB
• legatomerger3_ex32-2.htm (EX-32.2) — 7KB
• 0001829126-24-004699.txt ( ) — 2679KB
• cik0002002038-20240531.xsd (EX-101.SCH) — 36KB
• cik0002002038-20240531_cal.xml (EX-101.CAL) — 28KB
• cik0002002038-20240531_def.xml (EX-101.DEF) — 113KB
• cik0002002038-20240531_lab.xml (EX-101.LAB) — 194KB
• cik0002002038-20240531_pre.xml (EX-101.PRE) — 165KB
• legatomerger3_10q_htm.xml (XML) — 300KB

Financial Information

Part I. Financial Information 1

Consolidated Condensed Interim Financial Statements

Item 1. Consolidated Condensed Interim Financial Statements 1 Consolidated Condensed Balance Sheets as of May 31, 2024 (unaudited) and November 30, 2023 1 Consolidated Condensed Statements of Operations for the three and six months ended May 31, 2024 (unaudited) 2 Consolidated Condensed Statements of Changes in Shareholders' (Deficit) Equity for the three and six months ended May 31, 2024 (unaudited) 3 Consolidated Condensed Statement of Cash Flows for the six months ended May 31, 2024 (unaudited) 4 Notes to Unaudited Consolidated 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 Condensed Interim Financial Statements

Item 1. Consolidated Condensed Interim Financial Statements. LEGATO MERGER CORP. III CONSOLIDATED CONDENSED BALANCE SHEETS May 31, 2024 November 30, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,953,950 $ - Prepaid expenses 330,168 19,868 Deferred offering costs - 3,738 Total current assets 2,284,118 23,606 Investments held in Trust Account 204,663,330 - Total assets $ 206,947,448 $ 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 $ 10.17 and $ 0 per share as of May 31, 2024 and November 30, 2023, respectively (1) 204,563,330 - Shareholders' (deficit) equity Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of May 31, 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 May 31, 2024 and November 30, 2023, respectively (2) 568 512 Additional paid-in capital - 24,988 Accumulated deficit ( 4,697,244 ) ( 17,632 ) Total shareholders' (deficit) equity ( 4,696,676 ) 7,868 Total Liabilities, Ordinary Shares Subject to Redemption and Shareholder's (Deficit) Equity $ 206,947,448 $ 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 over-al

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