Company: LEGT
Filing Date: 2025-07-02
Form Type: 10-Q
Source: 0001829126-25-004857
Chunk: 13

Company: Legato Merger Corp. III
Filing Date: 2025-07-02
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company classified all of the Public Shares as redeemable. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary shares resulted in charges against additional paid-in capital and accumulated deficit.

As of May 31, 2025, the ordinary shares reflected on the condensed balance sheet are reconciled in the following table:

    Schedule of reconciliation of ordinary shares subject to possible redemption reflected in the balance sheets

    As ofMay 31,2025

    Gross proceeds
     
    $
    201,250,000

    Less:

    Fair value of Public Warrants at issuance

    (1,308,125
    )
  
    Ordinary share issuance costs

    (10,159,799
    )
  
    Plus:

    Accretion of carrying value to redemption value

    11,932,673

    Ordinary shares subject to possible redemption, February 29, 2024
     
    $
    201,714,749

    Plus:

    Accretion of carrying value to redemption value

    2,848,581

    Ordinary shares subject to possible redemption, May 31, 2024
     
    $
    204,563,330

    Plus:

    Accretion of carrying value to redemption value

    2,842,357

    Ordinary shares subject to possible redemption, August 31, 2024
     
    $
    207,405,687

    Plus:

    Accretion of carrying value to redemption value

    2,560,675

    Ordinary shares subject to possible redemption, November 30, 2024
     
    $
    209,966,362

    Plus:

    Accretion of carrying value to redemption value

    2,239,938

    Ordinary shares subject to possible redemption, February 28, 2025
     
    $
    212,206,300

    Plus:

    Accretion of carrying value to redemption value

    2,244,880

    Ordinary shares subject to possible redemption, May 31, 2025
     
    $
    214,451,180

    9

Offering Costs

The Company complies with the requirements