Leading Canadian producer of hot and cold rolled steel sheet and plate products Algoma Steel Group Inc announced the completion of their merger with Legato Merger Corp, a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey. The transaction, including the concurrent private investments, provided net proceeds of approximately USD 306 million to Algoma, which are expected to be used for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking.Algoma’s common shares are scheduled to begin trading on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol “ASTL” on October 20, 2021, and its warrants are scheduled to begin trading on the Nasdaq and the TSX on the same day under the symbols “ASTLW” and “ASTL.WT”, respectively. Legato’s shares of common stock, units and warrants will be delisted from the Nasdaq. Each Legato unit will become one Algoma common share and one warrant to purchase one Algoma common share, and shares of Legato common stock and warrants will be exchanged for an equal number of Algoma common shares and warrants, respectively.Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Algoma and Jefferies LLC served as financial advisor to Algoma. Graubard Miller acted as legal counsel to Legato and EarlyBirdCapital Inc, BMO Capital Markets and Maison Placements Canada served as financial advisors to Legato. Algoma Steel Inc, formerly Algoma Steel & Essar Steel Algoma, is an integrated primary steel producer located on the St. Marys River in Sault Ste Marie in Ontario in Canada. Algoma Steel was founded in 1902 by Mr Francis Clergue, an American entrepreneur who had settled in Sault Ste Marie. The company emerged from bankruptcy protection in 2004. In April 2007, Algoma Steel was purchased by India's Essar Group for USD 1.63 billion, continuing operations as a subsidiary known as Essar Steel Algoma Inc. It was purchased again in 2017, by a group of US investors.
Leading Canadian producer of hot and cold rolled steel sheet and plate products Algoma Steel Group Inc announced the completion of their merger with Legato Merger Corp, a publicly-traded special purpose acquisition company, taking public a company that is working to build a new era in steel through its transformational journey. The transaction, including the concurrent private investments, provided net proceeds of approximately USD 306 million to Algoma, which are expected to be used for strategic investments, including Algoma’s proposed transformation to electric arc furnace steelmaking.Algoma’s common shares are scheduled to begin trading on the Nasdaq Stock Market and the Toronto Stock Exchange under the symbol “ASTL” on October 20, 2021, and its warrants are scheduled to begin trading on the Nasdaq and the TSX on the same day under the symbols “ASTLW” and “ASTL.WT”, respectively. Legato’s shares of common stock, units and warrants will be delisted from the Nasdaq. Each Legato unit will become one Algoma common share and one warrant to purchase one Algoma common share, and shares of Legato common stock and warrants will be exchanged for an equal number of Algoma common shares and warrants, respectively.Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Algoma and Jefferies LLC served as financial advisor to Algoma. Graubard Miller acted as legal counsel to Legato and EarlyBirdCapital Inc, BMO Capital Markets and Maison Placements Canada served as financial advisors to Legato. Algoma Steel Inc, formerly Algoma Steel & Essar Steel Algoma, is an integrated primary steel producer located on the St. Marys River in Sault Ste Marie in Ontario in Canada. Algoma Steel was founded in 1902 by Mr Francis Clergue, an American entrepreneur who had settled in Sault Ste Marie. The company emerged from bankruptcy protection in 2004. In April 2007, Algoma Steel was purchased by India's Essar Group for USD 1.63 billion, continuing operations as a subsidiary known as Essar Steel Algoma Inc. It was purchased again in 2017, by a group of US investors.
