Legato Merger Corp.

Algoma Steel shares began trading on Nasdaq and TSX under ticker ASTL following an IPO enabled by a merger with Legato Merger Corp., a SPAC. Proceeds will fund an electric arc furnace project.

Algoma Steel Group Inc. completed its merger with Legato Merger Corp., a SPAC, taking Algoma public on Nasdaq and TSX under ticker ASTL. The transaction provided net proceeds of approximately USD 306 million for strategic investments, including a proposed transition to electric arc furnace steelmaking.

Algoma Steel Group Inc. completed a $1.7 billion business combination with Legato Merger Corp., a SPAC. The transaction provides Algoma with $306 million of cash for strategic investments, including its proposed transformation to electric arc furnace steelmaking.

Legato Merger Corp.'s stockholders approved the business combination with Algoma Steel Group Inc., a fully integrated producer of hot and cold rolled steel products. The merger is expected to close during the week of October 18, 2021, after which Algoma shares will trade on Nasdaq and TSX under symbol ASTL.

Canadian steelmaker Algoma Steel Inc. announced a merger agreement with US-based Legato Merger Corp. valued at approximately $1.7 billion, which will provide about $306 million in additional capital and make Algoma a publicly traded company on Nasdaq.

Algoma Steel, a Canadian steel producer, signed a definitive merger agreement with SPAC Legato Merger Corp. to become a publicly listed company, with an enterprise value of approximately $1.7 billion.