Swedish autonomous truck company Einride is set to begin trading on Nasdaq on Wednesday after completing a merger with special purpose acquisition company Legato Merger Corp. III, in a transaction that valued Einride’s equity at $1.35 billion before proceeds from the deal, the company said.
Shareholders approved the merger last week, clearing the path for the company’s listing. Einride develops electric self-driving freight vehicles and a software platform, serving customers in North America, Europe and the Middle East.
The company raised $113 million earlier this year from backers including Stockholm-based EQT Ventures to support its technology and global expansion, including further autonomous deployments and additional commercial applications of its freight platform.
Einride is one of several companies pursuing autonomous trucking technology, a sector that has drawn increasing investment as logistics firms look to address driver shortages and reduce operating costs. The company’s Nasdaq debut comes amid a broader wave of technology and transportation companies going public through SPAC mergers.