Financial Performance - For the year ended November 30, 2024, the company reported a net income of $8,215,998, primarily from interest income of $8,886,424, offset by operating costs of $670,426[212]. - The company has not engaged in any operations or generated any revenues to date, with only non-operating income from interest on marketable securities held in the Trust Account[211]. Cash and Working Capital - As of November 30, 2024, the company had $1,625,752 in cash and working capital of $1,852,705[213]. Business Operations and Plans - The company intends to use substantially all funds held in the Trust Account to acquire a target business and cover related expenses[216]. - The company has until February 8, 2026, to consummate an initial business combination, with a potential extension to May 8, 2026, if certain conditions are met[218]. Administrative Expenses - The company incurred and paid $215,172 to Crescendo Advisors II, LLC for administrative services during the year ended November 30, 2024[227]. Capital Structure - The company issued 5,031,250 founder shares for an aggregate purchase price of $25,000, with certain shares subject to forfeiture based on IPO over-allotment[225]. - The company has no long-term debt, capital lease obligations, or long-term liabilities as of November 30, 2024[220]. - The company has not had any off-balance sheet arrangements as of November 30, 2024[219]. - The company accounts for its ordinary shares subject to possible redemption as temporary equity, with 20,125,000 public shares featuring redemption rights[235].
Legato Merger Corp. III(LEGT) - 2024 Q4 - Annual Report