Einride, the Swedish company building electric autonomous freight trucks, opened trading on Nasdaq on June 10 and immediately rewarded early believers. Shares surged between 74% and 90% during the debut session, making it one of the most explosive SPAC merger listings in recent memory.

The company trades under the ticker ENRD after completing its business combination with Legato Merger Corp. III, a special purpose acquisition company. The deal values Einride at a pre-money equity range of $1.35 billion to $1.8 billion.

Inside the deal

The merger is expected to generate gross proceeds of $219 million to $333 million. A meaningful chunk of that comes from a $113 million Private Investment in Public Equity, or PIPE, financing round announced on February 26, 2026, which was oversubscribed.

The timeline moved relatively fast by SPAC standards. Einride and Legato signed their merger agreement on November 12, 2025. The registration statement hit public filings on April 22, 2026. Less than two months later, shares were live on Nasdaq.

Einride is now the third autonomous trucking company to go public via SPAC merger in this recent wave.

What Einride actually does

Founded in 2016, Einride develops electric and autonomous heavy-duty trucks it brands as “Pods.” The company operates across seven countries and has secured regulatory approval in five US states.

What this means for investors

The oversubscribed PIPE is a meaningful signal. The $113 million in committed PIPE capital gives Einride a cash runway to execute on its expansion plans without immediately needing to raise more money.

The $219 million to $333 million in expected gross proceeds provides a financial cushion, but autonomous trucking companies are capital-intensive operations that typically burn cash for years before reaching breakeven.

Einride’s presence in seven countries and five US states gives it a head start on the regulatory front.