Legato Merger Corp. III Files 10-Q for Q3 2024

TL;DR

Legato Merger Corp. III filed its 10-Q for 8/31/24. No major financial details in header, but covers Q3.

AI Summary

Legato Merger Corp. III filed its 10-Q for the period ending August 31, 2024. The company, a blank check company, reported its financial position and activities. Specific financial figures for this period are not detailed in the provided header information, but the filing covers the period from December 1, 2023, to August 31, 2024.

Why It Matters

This filing provides investors with an update on Legato Merger Corp. III's financial health and operational status as of August 31, 2024, crucial for understanding its progress towards a business combination.

Risk Assessment

Risk Level: medium — As a SPAC, Legato Merger Corp. III faces inherent risks related to finding and completing a business combination within its timeframe.

Key Numbers

• 11.50 — Warrant Exercise Price (The price at which redeemable warrants can be exercised for ordinary shares.)
• 2024-08-31 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-10-09 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Legato Merger Corp. III (company) — Filer of the 10-Q
• 0001829126-24-006727 (filing_id) — Accession Number for the filing
• 20240831 (date) — End of the reporting period
• 20241009 (date) — Filing date
• 777 THIRD AVENUE, 37TH FLOOR, NEW YORK, NY 10017 (address) — Business and mailing address

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) — 402KB
• 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
• 0001829126-24-006727.txt ( ) — 2720KB
• cik0002002038-20240831.xsd (EX-101.SCH) — 37KB
• cik0002002038-20240831_cal.xml (EX-101.CAL) — 28KB
• cik0002002038-20240831_def.xml (EX-101.DEF) — 113KB
• cik0002002038-20240831_lab.xml (EX-101.LAB) — 197KB
• cik0002002038-20240831_pre.xml (EX-101.PRE) — 165KB
• legatomerger3_10q_htm.xml (XML) — 309KB

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 August 31, 2024 (unaudited) and November 30, 2023 1 Consolidated Condensed Statements of Operations for the three and nine months ended August 31, 2024 (unaudited) 2 Consolidated Condensed Statements of Changes in Shareholders' (Deficit) Equity for the three and nine months ended August 31, 2024 (unaudited) 3 Consolidated Condensed Statement of Cash Flows for the nine months ended August 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 August 31, 2024 November 30, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,738,180 $ - Prepaid expenses 277,073 19,868 Deferred offering costs - 3,738 Total current assets 2,015,253 23,606 Investments held in Trust Account 207,505,687 - Total assets $ 209,520,940 $ 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 $ 10.31 and $ 0 per share as of August 31, 2024 and November 30, 2023, respectively 207,405,687 - Shareholders' (deficit) equity Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of August 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 August 31, 2024 and November 30, 2023, respectively (1) 568 512 Additional paid-in capital - 24,988 Accumulated deficit ( 4,966,109 ) ( 17,632 ) Total shareholders' (deficit) equity ( 4,965,541 ) 7,868 Total Liabilities, Ordinary Shares Subject to Redemption and Shareholders' (Deficit) Equity $ 209,520,940 $ 23,606 (1) Total shares outstanding of ordinary shares, include all Founder Shares, as well as Representative Founder Shares, inclusive of the full exercise of th

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