Company: LEGT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001829126-25-001098
Chunk: 430

Company: Legato Merger Corp. III
Filing Date: 2025-02-19
Form: 10-K
Item: Item 3
Chunk 430
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 had no compensation plans (including individual compensation arrangements) under which equity securities of the registrant were authorized for issuance.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

On November 15, 2023, Eric Rosenfeld, the Company’s Chief SPAC Officer, loaned $50,000 to the Company. The loan was evidenced by a promissory note. The note was non-interest bearing, unsecured and due at the earlier of (i) December 31, 2024, (ii) the closing of the IPO or (iii) the date on which the Company determined not to proceed with the IPO.

On December 13, 2023, Mr. Rosenfeld loaned to the Company an aggregate of $46,784.59 to cover additional expenses of the IPO. The loan was evidenced by a promissory note. The loan was non-interest bearing, unsecured and was due at the earlier of December 31, 2024, the closing of the IPO or the determination by the Company not to proceed with the IPO.

On January 5, 2024, Mr. Rosenfeld loaned to the Company $50,000 to cover additional expenses of the IPO. The loan was evidenced by a promissory note. The loan was non-interest bearing, unsecured and was due at the earlier of December 31, 2024, the closing of the IPO or the determination by the Company not to proceed with the IPO.

In November 2023, the Company issued an aggregate of 5,031,250 founder shares for an aggregate purchase price of $25,000, to cover legal expenses of the Company. The founder shares included an aggregate of up to 656,250 shares subject to forfeiture by the holders to the extent that the over-allotment is not exercised in full or in part. On February 6, 2024, the underwriters exercised their over-allotment option in full, releasing the 656,250 shares from forfeiture.

Our initial shareholders and underwriters purchased an aggregate of 555,625 Private Placement Units in the Private Placement that was consummated concurrently with the IPO, for a purchase price of $10.00 per Private Placement Unit, for an aggregate purchase price of $5,556,250. Each Private Placement Unit consists of one Private Placement Share and one-half of one Private Placement Warrant.

In order to meet our working capital needs, our