SPACInsider Logo
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.


  • 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.
Recent Posts
by Marlena Haddad on 2023-06-01 at 5:33pm

Latest SPAC Liquidations: JAWS Hurricane JAWS Hurricane Acquisition Corporation (HCNE) to Liquidate on June 16 JAWS Hurricane Acquisition Corporation (Nasdaq: HCNE) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the special meeting of its stockholders,...

by Marlena Haddad on 2023-06-01 at 5:26pm

Jupiter Wellness Acquisition Corp. (NASDAQ:JWAC) announced this afternoon that it has completed its combination with Chinese carmaker Chijet. The deal was already approved by shareholders at a special meeting held on May 2, but at that time, the SPAC did not provide a timeline for the closing of the transaction. Although redemption numbers have still not...

by Nicholas Alan Clayton on 2023-06-01 at 2:41pm

The advent of summer is bringing nine lock-up expirations for de-SPAC’d companies and 10 on the sponsor side. The first change is to come for the sponsor of European Biotech Acquisition Corp., which closed its combination with Swiss pharma firm Oculis SA (NASDAQ:OCS) just three months ago. The sponsor is getting flexibility at a good...

by Marlena Haddad on 2023-06-01 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change  Lucid Raising $3 Billion With More Money From...

by Kristi Marvin on 2023-06-01 at 9:36am

An article on Bloomberg yesterday announced what many in SPAC Land have been wondering after UBS acquired Credit Suisse – where was Niron Stabinsky, the Head of SPACs at Credit Suisse, going to land? The answer is Banco Santander SA, in what appears to be a massive lift of most (or nearly all) of Credit...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved