Legato Merger Corp. (LEGO) Shareholders Approve Algoma Steel Deal
by Marlena Haddad on 2021-10-14 at 12:26pm

Legato Merger Corp. (NASDAQ:LEGO) announced in a press release today that it received shareholder approval of its combination with steel producer Algoma Steel Inc. in a meeting held earlier this morning.

LEGO, which raised $205 million at its IPO, reported that holders of just 716 shares were redeemed in connection with the merger, representing 0.003% of the SPAC’s trust. This is  the best redemption result since Fifth Wall’s August 23rd vote to combine with SmartRent, at which only 246 shares redeemed.  Approximately 74% of the LEGO shares of common stock voted at today’s special meeting and approximately 92% of the shares voted were in favor the merger.

The press release did not disclose an exact date for the closing of the deal, but noted it is expected to occur as soon as practicable. The parties anticipate on closing the transaction at some point during the week of October 18th.

Following the closing, the common shares of Algoma are expected to trade on each of the Nasdaq and the Toronto Stock Exchange under the new symbol “ASTL”, and the warrants of Algoma will trade on the Nasdaq under the new symbol “ASTLW” and on the TSX under the new symbol “ASTL.WT.”

Legato originally announced the $1.7 billion deal with Algoma Steel on May 25. The Ontario-based company is a fully-integrated steel manufacturer of hot and cold rolled steel products.


ADVISORS

  • Paul, Weiss, Rifkind, Wharton & Garrison LLP and Goodmans LLP are acting as legal counsel to Algoma
  • Jefferies LLC is acting as financial advisor to Algoma.
  • Graubard Miller is acting as legal counsel to Legato
  • EarlyBirdCapital, Inc., BMO Capital Markets and Maison Placements Canada are acting as financial advisors to Legato.
Legato Merger Corp. (LEGO) Shareholders Approve Algoma Steel Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

by Nicholas Alan Clayton on 2025-07-01 at 7:19pm

1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...

by Nicholas Alan Clayton on 2025-07-01 at 3:49pm

D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...

by Nicholas Alan Clayton on 2025-07-01 at 11:33am

Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved