Einride completes Nasdaq listing, becomes publicly traded company
Einride, an electric and autonomous freight technology company, listed on Nasdaq on June 10 under the ticker symbol ENRD. The company went public through a merger with SPAC Legato Merger Corp. III, with its valuation reduced from the initially announced $1.8 billion to $1.35 billion. The company currently has 30 global customers and expects annual recurring revenue of $92 million.
At a Glance
- Einride began trading on the Nasdaq stock market on June 10, becoming a publicly listed company. According to a securities filing, investors had previously voted overwhelmingly in favor of the transaction.
- The deal with special purpose acquisition company Legato Merger Corp. III initially valued the company at $1.8 billion, which later dropped to $1.35 billion. According to a press release, Legato shareholders approved the business combination at a special meeting held on June 4.
- "This milestone reflects years of effort by our team, customers, partners, and supporters who share our vision of transforming freight through digital, electric, and autonomous technologies," Einride said in a LinkedIn post on its first day on the stock market.
Deep Dive
According to a press release from last November, the transaction was positioned to create a leading publicly listed autonomous and electric freight technology platform, combining Einride's software, electric vehicles, and autonomous capabilities with its operations across seven countries.
"With a portfolio of 30 global customers, comprehensive operational data integration, and an opportunity pipeline exceeding $800 million through joint business plans, Einride enters the public market with a proven, scalable platform targeting a $4.6 trillion total addressable market," the company said in a June 10 press release.
The transaction also brought a change in listing venue. Legato Merger Corp. III traded on the New York Stock Exchange—which has strict listing requirements—while the combined company listed on Nasdaq under the ticker symbol ENRD. This move could broaden Einride's access to technology-sector investors while providing a more cost-effective listing structure.
Operationally, Einride continues to expand its commercial footprint. Since announcing the deal in November, the company has added five new customers. The company also reported expected annual recurring revenue of $92 million and said it has additional long-term revenue opportunities through joint business plans with its prominent customers.