Legato Merger Corp. Receives Stockholder Approval for its Business Combination with Algoma Steel
2021年10月15日 - 12:45AM
Legato Merger Corp. (“Legato”) (Nasdaq: LEGO), a U.S.
publicly-traded special purpose acquisition company, and Algoma
Steel Group Inc. (“Algoma”), a fully integrated producer of hot and
cold rolled steel products, today announced that Legato's
stockholders have approved the previously announced business
combination transaction between Legato and Algoma (the “Merger”).
The holders of approximately 74% of the shares of Legato common
stock voted at the special stockholder meeting and approximately
92% of the shares voted were voted in favor the Merger.
The holders of 716 shares of Legato common stock validly exercised
their redemption rights in connection with the Merger. Legato will
file with the Securities and Exchange Commission (the “SEC”) a Form
8-K disclosing the final voting results.
The closing of the Merger is expected to occur as soon as
reasonably practicable after the satisfaction or waiver by Algoma
and Legato of all of the remaining closing conditions set out in
the definitive agreements related to the Merger. Currently
the parties anticipate closing the Merger during the week of
October 18th.
Following the closing of the Merger, the common shares of Algoma
are expected to trade on each of the Nasdaq Stock Market (“Nasdaq”)
and the Toronto Stock Exchange (the “TSX”) 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.” In addition, each Legato unit (Nasdaq: LEGOU) will
be separated into one Algoma common share and one warrant to
purchase one Algoma common share following the closing of the
Merger and the units will no longer trade or be listed as
units.
About Algoma Steel
Based in Sault Ste. Marie, Ontario, Canada, Algoma is a fully
integrated producer of hot and cold rolled steel products including
sheet and plate. With a current raw steel production capacity of an
estimated 2.8 million tons per year, Algoma’s size and diverse
capabilities enable it to deliver responsive, customer-driven
product solutions straight from the ladle to direct applications in
the automotive, construction, energy, defense, and manufacturing
sectors. Algoma is a key supplier of steel products to customers in
Canada and Midwest USA and is the only producer of plate steel
products in Canada. The Company’s mill is one of the lowest cost
producers of hot rolled sheet steel (HRC) in North America owing in
part to its state-of-the-art Direct Strip Production Complex
(“DSPC”), which is the newest thin slab caster in North America
with direct coupling to a basic oxygen furnace (BOF) melt shop.
Algoma has achieved several meaningful improvements over the
last several years that are expected to result in enhanced
long-term profitability for the business. Algoma has modernized its
DSPC facility and recently installed its No. 2 Ladle Metallurgy
Furnace. Additionally, the Company has cost cutting initiatives
underway and is in the process of investing to modernize its plate
mill facilities.
Today Algoma is returning to its roots as a customer-focused,
entrepreneurial company with the courage and growing capability to
meet the industry's challenges head-on. It is investing in its
people and processes, optimizing and modernizing so that it might
continue to be your partner in steel.
About Legato Merger Corp.
Legato Merger Corp. 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. Legato’s common stock, units and warrants
trade on the Nasdaq Capital Market under the symbols “LEGO,”
“LEGOU” and “LEGOW,” respectively.
Cautionary Statement Regarding Forward Looking
Statements
This news release contains forward-looking statements within the
meaning of applicable securities legislation. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “pipeline,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions. Many
factors could cause actual future events to differ materially from
the forward-looking statements in this document, including but not
limited to: the risk that the benefits of the proposed Merger,
including the amount of proceeds provided thereby, may not be
realized; the risk that the Merger may not be completed in a timely
manner or at all; the failure to satisfy the conditions to the
consummation of the Merger; the inability to complete the
concurrent private placement in connection with the transaction;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement; the
outcome of any legal proceedings that may be initiated following
consummation of the Merger; the effect of the Merger on Algoma’s
business relationships, operating results and business generally;
risks that the Merger could disrupt current plans and operations of
Algoma; the risks associated with the steel industry generally; and
changes in general economic conditions, including as a result of
the COVID-19 pandemic. The foregoing list of factors is not
exhaustive and readers should also consider the other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in Legato’s
final prospectus dated January 19, 2021 relating to its initial
public offering (the “Legato Final Prospectus”) and in subsequent
filings with the Securities and Exchange Commission (the “SEC”),
including the definitive proxy statement/prospectus filed by Algoma
and Legato in connection with the Merger. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Algoma and Legato assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
For more information, please contact:
Brenda Stenta Manager Communications & Branding Algoma Steel
Inc. +1 (705) 206-1022 brenda.stenta@algoma.com
David D. SgroChief Executive OfficerLegato Merger Corp.(212)
319-7676
Legato Merger (NASDAQ:LEGO)
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Legato Merger (NASDAQ:LEGO)
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