Legato Merger Corp.
CIK:0001820272|SEC Filings
Condensed Statement of Cash Flows (Unaudited) |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Cash flow from operating activities | |
| Net income | $ (1,018,778) |
| Adjustments to reconcile net income to net cash used in operating activities: | |
| Offering costs attributable to warrants | 15,748 |
| Change in fair value of warrant liability | 447,248 |
| Investment income on Trust Account | (43,946) |
| Changes in operating assets and liabilities: | |
| Prepaid expenses and other current assets | (109,921) |
| Franchise tax payable | 94,841 |
| Net cash used in operating activities | (614,808) |
| Cash flow from investing activities | |
| Cash deposited in Trust Account | (235,750,000) |
| Net cash used in investing activities | (235,750,000) |
| Cash flows from financing activities | |
| Repayment of note payable- related party | (65,000) |
| Proceeds from initial public offering | 235,750,000 |
| Payment of offering costs associated with initial public offering | (5,123,729) |
| Proceeds from private placement units | 6,040,000 |
| Net cash provided by financing activities | 236,601,271 |
| Net increase (decrease) in cash | 236,463 |
| Cash at beginning of period | 3,790 |
| Cash at end of period | 240,253 |
| Supplemental disclosure of non-cash financing activities: | |
| Initial Classification of common stock subject to possible redemption | 200,114,700 |
| Initial classification of warrant liability | 730,552 |
| Change in initial value of common stock subject to possible redemption | $ 29,756,780 |
Condensed Balance Sheets - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash | $ 240,253 | $ 3,790 | ||
| Prepaid expenses and other current assets | 109,921 | |||
| Total current assets | 350,174 | 3,790 | ||
| Cash and marketable securities held in Trust Account | 235,793,946 | |||
| Deferred offering costs | 103,254 | |||
| Total assets | 236,144,120 | 107,044 | ||
| Current liabilities: | ||||
| Accounts payable and accrued expenses | 16,836 | |||
| Franchise tax payable | 94,836 | |||
| Notes payable to stockholder | 65,000 | |||
| Total current liabilities | 94,836 | 81,836 | ||
| Warrant liability | 1,177,800 | |||
| Total liabilities | 1,272,636 | 81,836 | ||
| Commitments and contingencies | ||||
| Common stock subject to possible redemption, 22,987,148 and 0 shares at redemption value of $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 229,871,480 | |||
| Stockholders’ equity: | ||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||||
| Common stock, $0.0001 par value; 60,000,000 shares authorized, 7,319,888 and 6,128,036 shares issued and outstanding (excluding 22,987,148 and 0 shares subject to possible redemption as of June 30, 2021 and December 31, 2020, respectively) | [1] | 732 | 613 | |
| Additional paid-in capital | 6,018,836 | 25,381 | ||
| Retained earnings (Accumulated deficit) | (1,019,564) | (786) | ||
| Total stockholders’ equity | 5,000,004 | 25,208 | ||
| Total liabilities and stockholders’ equity | $ 236,144,120 | $ 107,044 | ||
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