Company: LEGT
Filing Date: 2025-04-11
Form Type: 10-Q
Source: 0001829126-25-002582
Chunk: 21

Company: Legato Merger Corp. III
Filing Date: 2025-04-11
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 Period.

The Representative Founder Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the Initial Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners.

    15

Warrants

As of February 28, 2025, the Company had 10,062,500
Public Warrants and 277,813
Private Placement Warrants outstanding. The Public Warrants and Private Placement Warrants are identical except as described below.
Warrants may only be exercised for a whole number of shares. No fractional Warrants will be issued upon separation of the Units and only
whole Warrants will trade. The Warrants will become exercisable 30
days after the completion of a Business Combination; provided that the Company has an effective registration statement under the
Securities Act covering the issuance of the ordinary shares issuable upon exercise of the Warrants and a current prospectus relating
to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of
the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances
specified in the warrant agreement). The Company agreed that as soon as practicable after the closing of a Business Combination, the
Company will use its best efforts to file with the SEC a registration statement covering the issuance of the ordinary shares issuable
upon exercise of the Warrants, and use its best efforts to cause the same to become effective as soon as possible and to maintain the
effectiveness of such registration statement and a current prospectus relating to those shares until the Warrants expire or are redeemed.

The Warrants have an exercise price of $11.50 per share, subject to adjustments, and