Einride, the Swedish company building electric and autonomous freight trucks, is now a publicly traded entity. The firm completed its merger with blank-check company Legato Merger Corp. III and began trading on the Nasdaq under the ticker symbol ENRD for ordinary shares and ENRDW for warrants.

The deal values the combined company at a pre-money equity valuation of $1.35 billion. That figure came with an asterisk, though: when the merger was first announced back in November 2025, the valuation was pegged at $1.8 billion, roughly 25% higher than where it ultimately landed.

How the deal came together

Legato Merger Corp. III shareholders approved the business combination on June 4, 2026, clearing the final major hurdle in a process that stretched over roughly seven months. The regulatory timeline included an SEC Form F-4 filing in April 2026, with the registration statement becoming effective in May.

The merger was accompanied by $113 million in PIPE financing that was actually oversubscribed. The company had also raised approximately $100 million in crossover capital during 2025, before the SPAC merger was even announced. All told, Einride has pulled in more than $500 million in total capital since its founding.

What Einride actually does

Einride operates in the commercial freight segment, focusing on electric and autonomous heavy-duty trucks. In April 2026, Einride deployed 75 electric trucks for Amazon across five US locations.

What this means for investors

The valuation compression from $1.8 billion to $1.35 billion is worth watching closely. The oversubscribed PIPE suggests that institutional investors with access to due diligence materials liked what they saw. And the $500 million-plus in total capital raised provides a financial cushion that many SPAC-era EV companies never had.