EINRIDE SHARES RISE 90% ON NASDAQ DEBUT UNDER TICKER ENRD

Swedish autonomous electric freight trucking company Einride began trading on the Nasdaq on Wednesday, with shares rising by as much as 90% during the morning session. The company lists under the ticker symbol "ENRD." Einride completed its market debut via a special purpose acquisition company merger with Legato Merger Corp. III. The deal raised over $200 million in gross proceeds, including $113 million in PIPE capital from institutional investors.

Institutional backers include Stockholm-based EQT Ventures. Einride's pre-equity valuation at final shareholder approval stood at $1.35 billion, down from the $1.8 billion figure set when the SPAC deal was first proposed last November. Founded in 2016, Einride operates heavy-duty, cab-less autonomous electric trucks alongside freight services for driver-operated electric vehicles. The company also licences its operational planning artificial intelligence software and autonomous driving system to third parties. Einride currently has 200 electric freight trucks operating on its platform.

Chief executive Roozbeh Charli said the company has validated its product and technology with a substantial customer base and now requires investment to scale those relationships. Charli stated that combining electric and autonomous technology represents the lowest-cost method of running freight in most cases. Einride's Nasdaq listing places it alongside existing US-listed driverless trucking rivals. The company's debut on the exchange coincides with broader investor interest in autonomous freight trucking, which Einride says is positioned to scale rapidly in the United States.