Legato Merger in a newss release said its stockholders voted in favor of the business combination with Algoma Steel Group, which produces hot and cold rolled steel products.
Holders of approximately 74% of the shares of Legato common stock voted, and approximately 92% of the shares voted were voted in favor the merger, the SPAC said. Legato noted that 716 shares were redeemed.
Terms call for Algoma to receive the approximately $236 million held in Legato’s trust, less the amount of the redemptions, as well as a $100 million PIPE.
The transaction is expected to close next week. Read more.
