Einride aims to list on the US stock exchange via SPAC
Einride announces the conclusion of a binding agreement with Legato regarding a corporate merger necessary for the SPAC IPO. According to the company, the merger is expected to take place in the first half of 2026. Einride estimates the value of the merged company at around US$1.8 billion (pre-money equity) and the expected gross proceeds at around US$219 million. In addition, Einride is seeking private equity investment of up to US$100 million (a so-called PIPE transaction) as part of the IPO.
The background to the deal is Einride’s ambition to accelerate its IPO via a SPAC merger. This is because a conventional stock market debut can take several years to prepare. SPACs are investment companies already listed on the stock exchange that were founded for the sole purpose of merging with another company, hence the term ‘special-purpose acquisition company’ (SPAC). Legato is already listed on the NYSE under the ticker symbol LEGT.
The announcement to go public via SPAC comes just a few weeks after Einride announced that it had raised $100 million from investors. Einride’s existing shareholders are expected to hold approximately 83 per cent of pro forma equity after the merger is completed, assuming the aforementioned $100 million PIPE financing is completed. It is also important to note that Einride’s existing management team will continue to lead the merged company.
For context: Einride was founded in 2016 and is headquartered in Stockholm. The Swedish company was an early proponent of driverless commercial vehicles and has already developed a concept vehicle called the T-Pod. For several years, however, one of the company’s core products has been the Saga software platform, which acts as an intelligent operating system for electric (and, in future, autonomous) vehicle fleets and charging and connectivity networks. The aim is to enable companies to transport their goods from A to B in a more environmentally friendly and cost-effective manner.
The planned IPO in the United States is linked to the fact that the United States is currently Einride’s second-largest market. The company is based in Austin, Texas. “The United States represents a critical growth market for autonomous freight technologies,” Einride is certain. The company currently has around 25 corporate customers in seven countries and a fleet of around 200 electric vehicles. Current annual revenue stands at $45 million, with new customer contracts already signed, expected to bring the volume to $65 million. Einride cites ‘over $800 million annually’ as its long-term revenue potential.
Roozbeh Charli, CEO of Einride, speaks of a decisive moment for Einride: “We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This Transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers. The foundation is built, the demand is clear, and our focus is on execution and delivering the future of freight.”
Robert Falck, founder and CEO of Einride, added: “From the start, Einride has been about more than just technology, it has been about transforming an entire industry. Together with Roozbeh and the team, we’ve built a strong foundation and are now well-positioned to execute on that vision and enable an electric and autonomous future for the industry.”
This article was first published by Cora Werwitzke for electrive’s German edition.
0 Comments