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3h ago

Einride to Go Public via $1.8 Billion SPAC With Legato III

The deal targets roughly $219 million in proceeds plus a potential PIPE to fund expansion of its autonomous and electric freight platform.

An Einride Pod, an electric self-driving truck developed by Einride, which has no cabin for a driver, is shown in this undated handout photo obtained by Reuters on November 3, 2021. Einride/Handout via REUTERS
Einride electric trucks
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Overview

  • Einride signed a merger agreement with Legato Merger Corp. III that would take the company public on the NYSE in the first half of 2026.
  • The transaction is expected to deliver about $219 million in gross proceeds, with the company seeking up to $100 million in additional PIPE capital.
  • Existing shareholders are projected to retain about 83% ownership after closing, and the current management team will continue to lead the company.
  • Einride reports a fleet of roughly 200 electric trucks operating in Europe, North America and the UAE for customers including GE Appliances, Heineken, PepsiCo and Apotea.
  • The company disclosed a ~$45 million ARR run rate and $65 million in contracted ARR, following a $100 million raise in October and a $500 million equity and debt package in 2022.