Einride jumps as much as 90% in Nasdaq debut after SPAC deal

Autonomous electric freight company Einride surged in its first day of trading on Nasdaq on Wednesday, with shares climbing as much as 90% after beginning to trade under the ticker ENRD. Nasdaq temporarily paused trading midmorning under its limit up-limit down rules after the sharp move. Einride completed its merger with Legato Merger Corp. III last week. The transaction valued the company at $1.35 billion at final shareholder approval, down from the $1.8 billion valuation set when the deal was proposed in November. The deal delivered more than $200 million in gross proceeds, including $113 million in PIPE financing from investors such as EQT Ventures. Founded in 2016, the Swedish company says it has more than 30 enterprise customers in seven countries and about 200 electric trucks operating on its platform.