Company: LGN
Filing Date: 2025-07-15
Form Type: DRS/A
Source: 0000950123-25-006399
Chunk: 104

Company: Legence Corp.
Filing Date: 2025-07-15
Form: DRS/A
Chunk 104
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 to 17 C.F.R. Section 200.83 DILUTION Purchasers of our Class A Common Stock in this offering will experience immediate and substantial dilution in the net tangible book value per share of the Class A Common Stock for accounting purposes. Our net tangible book value as of March 31, 2025, after giving effect to the transactions described under “Corporate Reorganization,” was $ , or $ per share. Pro forma net tangible book value per share is determined by dividing our pro forma tangible net worth (tangible assets less total liabilities) by the total number of outstanding shares of Class A Common Stock that will be outstanding immediately prior to the closing of this offering after giving effect to the Corporate Reorganization (assuming that 100% of our LGN Units have been exchanged for Class A Common Stock and the cancellation of the corresponding shares of Class B Common Stock pursuant to the Legence Holdings LLC Agreement). Assuming an initial public offering price of $ per share (the midpoint of the estimated offering price range set forth on the cover page of this prospectus), after giving effect to the receipt of the estimated net proceeds (after deducting estimated underwriting discounts and commissions and estimated offering expenses), our adjusted pro forma net tangible book value as of March 31, 2025 would have been approximately $ million, or $ per share. This represents an immediate increase in the net tangible book value of $ per share to our existing stockholders and an immediate dilution (i.e., the difference between the offering price and the adjusted pro forma net tangible book value after this offering) to new investors purchasing shares in this offering of $ per share. The following table illustrates the per share dilution to new investors purchasing shares in this offering (assuming that 100% of our LGN Units have been exchanged for Class A Common Stock and the cancellation of the corresponding shares of Class B Common Stock pursuant to the Legence Holdings LLC Agreement):

| Initial public offering price per share                                                      
 Pro forma net tangible book value per share as of March 31, 2025 (after giving effect to the 
 Corporate Reorganization)                                                                    |     |   |
|:---------------------------------------------------------------------------------------------|:----|:--|
| Increase in pro forma net tangible book value per share of Class A Common Stock attributable 
 to investors in this offering                                                                |     | $ |
| As adjusted pro forma net tangible book value per share of Class A Common Stock after the    
 Corporate Reorganization and this offering                                                   |     | $ |
| Dilution in pro forma net tangible book value