Company: LEGT
Filing Date: 2025-07-02
Form Type: 10-Q
Source: 0001829126-25-004857
Chunk: 40

Company: Legato Merger Corp. III
Filing Date: 2025-07-02
Form: 10-Q
Item: Part I, Item 2
Chunk 40
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, reorganization or other similar business combination, one or more businesses or entities (a “Business Combination”). We intend to effectuate our Business Combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Units, our capital shares, debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs in connection with closing our initial Business Combination. We cannot assure you that our plans to raise capital or to complete our initial Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities through May 31, 2025 were organizational activities, those necessary to prepare for the Initial Public Offering and searching for a target business for our initial Business Combination and entering into the Merger Agreement. We do not expect to generate any operating revenues until after the completion of our Business Combination, at the earliest. We generate non-operating income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

20

For the three and six months ended May 31, 2025, we had a net income of $2,110,094 and $4,052,647, which consisted of interest income of $2,277,162 and $4,528,322 (for the three months ended May 31, 2025 $2,244,880 interest income from the trust account and $32,282 interest income from the operating account and for the six months ended May 31, 2025, $4,484,817 interest income from the trust account and $43,505), offset by operating expenses of $167,068 and $475,675, respectively.

For the three and six months ended May 31, 2024, we had a net income of $2,682,228 and $3,212,335, which consisted of interest income of $2,868,144 and $3,433,494 (for the three months ended May 31, 2025 $2,848,581 interest income from the trust account and $19,563 interest income from the operating account and for the six months ended May 31, 2025, $3,413,330 interest income from the trust account and $20,164), offset by operating expenses of $185,916 and $221,