Dive Brief:
- Einride began trading on the Nasdaq stock market June 10, becoming a publicly traded company. Investors previously voted overwhelmingly in favor of the transaction, according to a securities filing.
- A deal with special purpose acquisition company Legato Merger Corp. III initially valued the company at $1.8 billion, which later fell to $1.35 billion. Legato shareholders approved the companies’ business combination during a special meeting held June 4, according to a press release.
- “This milestone reflects years of work from our team, customers, partners, and supporters who share our vision for transforming freight through digital, electric, and autonomous technology,” Einride said in a LinkedIn post on the stock market debut.
Dive Insight:
The transaction was pitched as an opportunity to create a leading public autonomous and electric freight technology platform, combining Einride's software, electric vehicle and autonomous driving capabilities with operations across seven countries, according to a November press release.
“With a portfolio of 30 global customers, comprehensive operational data integrations, and a pipeline exceeding $800 million in opportunities through its Joint Business Plans, Einride enters the public markets with a proven, scalable platform targeting a $4.6 trillion total addressable market,” the company said in a June 10 news release.
The transaction has also brought a change in listing venue. While Legato Merger Corp. III trades on the New York Stock Exchange — which has strict listing requirements — the combined company listed on the Nasdaq under the ticker ENRD. The move could broaden Einride’s access to technology-focused investors while offering a more cost-effective listing structure.
Operationally, Einride has continued to expand its commercial footprint. The company added five customers since announcing the deal in November. It also reported $92 million in expected annual recurring revenue and said it has additional long-term revenue opportunities through joint business plans with high-profile customers.
