Einride, the Swedish tech firm that provides digital, electric and autonomous solutions for road freight, and Legato Merger Corp. III have announced a $113 million oversubscribed capital raise in support of a “proposed business combination.”
Legato is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities.
The transaction values Einride at a pre-money equity value of $1.35 billion.
“The PIPE financing was committed by new and existing investors including a global asset management company based on the West Coast of the United States, and Stockholm-based EQT Ventures,” said Einride.
“Proceeds from the PIPE are expected to support Einride’s technology roadmap and global expansion, including autonomous deployments across North America, Europe, and the Middle East, and additional commercial applications of the Company’s intelligent freight platform.
“To date, investors have committed an aggregate of approximately $213 million in financing in connection with the Transaction, including both the PIPE financing and Einride’s already announced crossover financing of approximately $100 million.
“The proceeds from the PIPE financing exceeds the Company’s previously announced expectations to raise up to $100 million in additional capital to support the Transaction.”
Einride CEO Roozbeh Charli said: “This PIPE reflects strong investor confidence in Einride’s mission to transform global freight through autonomous and electric technology.
“With this additional capital, we believe we are well positioned to scale our commercial deployments of electric and autonomous freight solutions with both existing and new customers, while continuing to invest in our automated driving system and intelligent freight platform.”
Eric Rosenfeld, Chief SPAC Officer of Legato, said: “Einride continues to demonstrate leadership at the intersection of autonomy, electrification, and logistics.
“We believe this PIPE investment underscores the compelling value proposition and long-term growth opportunity of Einride as the Company prepares to enter the public markets.”
The transaction values Einride at a pre-money equity value of $1.35 billion and is expected to deliver approximately $333 million in gross proceeds including the PIPE financing and $220 million in proceeds from Legato’s cash-in-trust before accounting for potential redemptions and transaction expenses.
In addition, Einride and Legato may also pursue additional capital in connection with the closing of the transaction to further support Einride’s long-term operating plan.
Subject to the satisfaction of closing conditions, including approval of Legato shareholders, regulatory approvals, the combined company expects to list its ordinary shares, represented by American depositary shares and warrants, on the New York Stock Exchange during the first half of 2026 under the proposed ticker symbol “ENRD”.
TD Cowen acted as lead placement agent to Einride and BTIG acted as placement agent in connection with the announced PIPE transaction. DLA Piper LLP (US) acted as legal advisor to Einride in the PIPE transaction. Greenberg Traurig, LLP acted as legal advisor to TD Cowen and BTIG.