Legato Merger Corp. III announces a going concern opinion in its annual financial report, filed with the SEC.
Quiver AI Summary
Legato Merger Corp. III announced that its audited financial statements for the year ending November 30, 2024, included an audit opinion suggesting concerns about the Company's ability to continue as a going concern. This disclosure follows the filing of its Annual Report on Form 10-K with the SEC. The announcement is made in compliance with NYSE American regulations regarding audit opinions. Legato Merger Corp. III, incorporated in the Cayman Islands, aims to pursue mergers or acquisitions in various industries, primarily focusing on infrastructure, engineering, construction, industrial, and renewables. The management team includes significant figures such as Gregory Monahan and Eric S. Rosenfeld. The press release also contains forward-looking statements and notes that the Company will not update these statements unless legally required.
Potential Positives
- The announcement adheres to NYSE American LLC Company Guide requirements, ensuring compliance and transparency with regulatory processes.
- Legato Merger Corp. III reiterates its commitment to identifying prospective target businesses in diverse industries, indicating strategic growth opportunities.
- The press release highlights an experienced management team, which may instill confidence in investors regarding the company’s governance and strategic direction.
Potential Negatives
- The press release discloses an audit opinion containing an explanatory paragraph regarding the company's ability to continue as a going concern, indicating potential financial instability.
- This announcement could negatively impact investor confidence and the company's stock price, given the serious nature of a going concern qualification.
- The need to publicly announce a going concern qualification may suggest that the company has not yet secured a viable merger target or business combination, raising concerns about its future prospects.
FAQ
What is the recent announcement from Legato Merger Corp. III?
Legato Merger Corp. III announced an explanatory paragraph in its audit opinion about its ability to continue as a going concern.
What is the significance of the going concern paragraph?
The going concern paragraph indicates potential issues regarding the Company's ability to continue operating in the future.
Where can I find the Company's audited financial statements?
The audited financial statements are included in the Annual Report on Form 10-K filed with the SEC on February 19, 2025.
What industries will Legato Merger Corp. III focus on for mergers?
The Company intends to focus on businesses in infrastructure, engineering, construction, industrial, and renewables sectors.
Who are the key management team members at Legato Merger Corp. III?
The management team includes Gregory Monahan, Eric S. Rosenfeld, Adam Jaffe, Brian Pratt, David D. Sgro, Adam Semler, and John Ing.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
NEW YORK, March 13, 2025 (GLOBE NEWSWIRE) -- Legato Merger Corp. III (NYSE American: LEGT U, LEGT, LEGT WS) (the “Company”) announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended November 30, 2024, which was filed on February 19, 2025 with the Securities and Exchange Commission, the audited financial statements contained an audit opinion from its independent registered public accounting firm that included an explanatory paragraph related to the Company’s ability to continue as a going concern. See further discussion in Note 1 to the Company’s financial statements included in the Company’s Annual Report on Form 10-K. This announcement is made pursuant to NYSE American LLC Company Guide Sections 401(h) and 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the year ended November 30, 2024.
Legato Merger Corp. III is a Cayman Islands exempted company incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region although the Company intends to initially focus on target businesses in the infrastructure, engineering and construction, industrial and renewables industries. The Company’s management team is comprised of Gregory Monahan, Chief Executive Officer and Director, Eric S. Rosenfeld, Chief SPAC Officer, Adam Jaffe, Chief Financial Officer, Secretary and Director, Brian Pratt, Director and Non-Executive Chairman of the Board, David D. Sgro, Director and Non-Executive Vice Chairman of the Board, and Adam Semler and John Ing, each a Director of the Company.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended November 30, 2024 filed with the SEC. Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts:
Gregory Monahan
Chief Executive Officer
Legato Merger Corp. III
(212) 319-7676
