Financial Performance - For the three months ended February 29, 2024, the company reported a net income of $2,039,570, which included interest income of $565,350 and a reversal of expenses amounting to $1,509,375 [97]. - The company incurred expenses of $35,242 during the same period, primarily due to being a public company [97]. Cash and Working Capital - As of February 29, 2024, the company had $2,067,209 in cash and a working capital balance of $2,413,427 [99]. - The company has no long-term debt or significant contractual obligations as of February 29, 2024 [104]. - The company has not recognized any Working Capital Loans as of February 29, 2024, indicating no outstanding loans for operational financing [118]. Business Operations - The company has not engaged in any operations or generated any revenues to date, with expectations to generate operating revenues only after completing its initial Business Combination [96]. - The company intends to use substantially all funds held in the Trust Account to acquire a target business and cover related expenses [101]. Shareholder Information - The company issued 5,031,250 Founder Shares for a total purchase price of $25,000, with a portion subject to forfeiture based on the over-allotment in the Initial Public Offering [110]. Accounting and Regulatory Compliance - The company adopted ASU 2020-06 on November 6, 2023, which did not impact its financial position or results of operations [106]. - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide additional market risk disclosures [125]. Off-Balance Sheet Arrangements - The company has not had any off-balance sheet arrangements as of February 29, 2024 [103].
Legato Merger Corp. III(LEGT) - 2024 Q1 - Quarterly Report