Einride Raises $113 Million to Support Merger with Legato Merger Corp. III

Mar 2, 2026
Einride and Legato Merger Corp. III have announced an oversubscribed $113 million PIPE financing to support their proposed business combination, valuing Einride at $1.35 billion.

In a press release, Einride and Legato Merger Corp. III announced an oversubscribed $113 million PIPE financing to support their planned business combination. The financing, backed by new and existing investors including a U.S.-based global asset management firm and EQT Ventures, will fund Einride’s technology roadmap and global expansion.

The PIPE brings total investor commitments related to the transaction to approximately $213 million, including Einride’s previously announced $100 million crossover round. The transaction values Einride at a pre-money equity value of $1.35 billion and is expected to yield about $333 million in gross proceeds, including Legato’s $220 million cash-in-trust, before redemptions and expenses.

Subject to shareholder and regulatory approvals, the combined company plans to list its shares on the New York Stock Exchange under the ticker symbol “ENRD” in the first half of 2026. TD Cowen served as lead placement agent, with BTIG as placement agent, and DLA Piper LLP (US) as legal advisor to Einride.

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