Company: LEGT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001829126-25-001098
Chunk: 158

Company: Legato Merger Corp. III
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 158
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 the discretion of our board of directors at such time and we will only pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

On November 15, 2023, Eric Rosenfeld, the Company’s Chief SPAC Officer, acquired an aggregate of 5,031,250 ordinary shares in exchange for a total capital contribution of $25,000. Thereafter, he transferred certain shares to other holders. On November 30, 2023, the Company also issued to BTIG, LLC and its designees an aggregate of 87,500 ordinary shares for an aggregate purchase price of $500, or approximately $0.001 per share. All of such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On February 8, 2024, the Company consummated the IPO of 20,125,000 Units, including 2,625,000 Units subject to the underwriters’ over-allotment option. Each Unit consists of one Ordinary Share and one-half of one redeemable Warrant, with each Warrant entitling the holder to purchase one Ordinary Share for $11.50. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $201,250,000. The securities in the IPO were registered under the Securities Act on a registration statement on Form S-1 (No. 333-275930). The Securities and Exchange Commission declared the registration statement effective on February 5, 2024.

Simultaneously with the consummation of the IPO, the Company consummated the Private Placement of 555,625 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total proceeds of $5,556,250. The Private Placement Units were purchased by the Company’s initial shareholders and the underwriters in the IPO. The Private Placement Units are identical to the units sold in the IPO. The issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

As of February 8, 2024, an aggregate of $201,250,000 has